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Financial anxiety and saving intentions during the Covid-19 crisis: A comparison between Sweden and Serbia
Jönköping University, Jönköping International Business School.
Jönköping University, Jönköping International Business School.
2021 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The Covid-19 crisis disrupted consumer behaviour in many ways and created financial challenges for the majority of people. This led to increased levels of financial anxiety, especially among young adults. The purpose of this study was to explain the influence of Covid-19 induced financial anxiety on the saving intentions of millennials. This study was based on the Theory of PlannedBehaviour, which we extended with an additional variable – financial anxiety. Additionally, the aim was to compare how this financial anxiety manifests in terms of saving intention in two different countries, Sweden and Serbia. A quantitative study was conducted, using an online survey. Data collection was carried out between April and May 2021. The non-probabilistic, snowball sampling method was utilized together with posting the survey on different Facebook groups, which resulted in 150 usable responses in Serbia and 131 in Sweden. The findings of this study suggest that financial anxiety negatively influences saving intentions in both countries. Moreover, financial anxiety had a negative impact on three out of four components (attitude to saving, perceived behavioural control to saving, personal saving intention) of the Theory of planned Behavior. Attitude towards saving is found to be the strongest predictor for the intention to save followed by perceived behavioural control. Subjective norms had the least predictive power, especially in Serbia where they failed to predict personal saving intention. 

Place, publisher, year, edition, pages
2021. , p. 117
Keywords [en]
Financial anxiety, Covid-19 crisis, Saving intention, Theory of Planned Behaviour
National Category
Social Sciences Business Administration Economics and Business
Identifiers
URN: urn:nbn:se:hj:diva-53055ISRN: JU-IHH-FÖA-2-20211272OAI: oai:DiVA.org:hj-53055DiVA, id: diva2:1564006
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Available from: 2021-06-15 Created: 2021-06-10 Last updated: 2025-10-13Bibliographically approved

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CiteExportLink to record
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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
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More styles
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  • de-DE
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
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  • asciidoc
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