Analysis of savings reflections and decisions based on focus group interviews conducted in the Hungarian population

Ritzl, Ildikó and Száraz, Anikó and Bódi-Schubert, Anikó (2026) Analysis of savings reflections and decisions based on focus group interviews conducted in the Hungarian population. HUNGARIAN STATISTICAL REVIEW, 9 (1). pp. 3-34. ISSN 2630-9130

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Abstract

According to Hungarian and international research, the current expansion of cash in circulation islargely due to cash holdings for the purpose of accumulation. While the driving forces behind thisseemingly irrational behaviour can be analysed to a limited extent with macro-focused research, ithas been shown that cash holdings also depend on uncertainty and the price of financial services, inaddition to traditional variables. This study examines individual perceptions and decision-makingmechanisms in the framework of an exploratory analysis, using focus group interviews. Accordingto the results, people’s accumulation decisions can be categorised based on the savings needspyramid. After satisfying everyday needs, the most basic need is the pursuit of security, which isembodied in the accumulation of a safety reserve. Savings, the purpose and time horizon of whichalso vary, exceed this, while amounts that are non-essential in the long term are invested. Theemotional attitudes of the participants and their reflections on the development of the environmentshape the levels of the savings needs pyramid through numerous decision heuristics and cognitivebiases.

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