Received: 14th October 2022; Revised: 28th November 2022, 05th December 2022; Accepted: 07th December 2022


  • Ágnes Csiszárik-Kocsir Ph.D., Associate Professor, Keleti Károly Faculty of Business and Management, Óbuda University, Budapest, Hungary



Households, Financing, Debt, Crisis, Financial Literacy


The money abundance that preceded the 2008 crisis brought about a number of distortions in the value judgements of economic actors and their attitudes towards money. Unlimited liquidity generated a huge supply of credit, which all economic players exploited beyond their means. The crisis-induced downturn caused huge problems in the repayment of loans. Tens of thousands of families and businesses have faced problems in surviving, caused by increased credit burdens. As a consequence, attitudes towards credit changed significantly after the crisis. For the Hungarian households too, excessive borrowing before the crisis caused huge problems. In Hungary, the problem was not only with the volume of credit, but also with its denomination. The proliferation of foreign currency lending and the exchange rate risk that it entailed was a huge challenge for tens of thousands of families, which they could only overcome with state support. The aim of this study is to examine the borrowing of households in Hungary over a number of years, looking in particular at its composition and the types of credit. In this study, the analysis was based on the household stock data of the Hungarian National Bank. The aim of the work is to show the trends and changes in Hungarian household borrowing in the wake of the crises. The analysis reveals the effects of the crises, which can be reduced by increasing financial awareness. The study provides a good basis for strengthening the financial culture of Hungarian households, which areas limit future irresponsible borrowing and provide a good shield against crises in the financial field.


Antonides, G., Groot, I. M., & Van Raaij, W. F. (2011). Mental budgeting and the management of household finance. Journal of Economic Psychology, 32(4), p. 546-555.

Atkinson, A. & Messy, F.A. (2012). Measuring Financial Literacy. OECD Working Papers on Finance, Insurance and Private Pensions, No. 15.

Balázsné L. M. (2013). The role of bank marketing in the development of financial culture. Ph.D. Thesis, University of West Hungary, Sopron.

Bandura, A. (1982). Self-efficacy mechanism in human agency. American Psychologist, 37(2), p. 122-147.

Bass, B. M. & Bass, R. (2008). The bass handbook of leadership: Theory, research, and managerial applications. Free Press, New York,

Borden, L. M., Lee, S., Serido, J. & Collins, D. (2008). Changing college students’ financial knowledge, attitudes, and behavior through seminar participation. Journal of Family and Economic Issues, 29(1), 23-40.

Bunikowski, D. (2015). Ethics and business ethics, and the financial crisis. About axiology and business: history of slavery is like a circle. Quaestio Iuris, 18(1), p. 458-488.

Caroll, A. B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), p. 39-48.

Chen, H. & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), p. 107-128.

Csiszárik-Kocsir, Á. (2021). Customer Preferences in Bank Selection before and after the Pandemic in the Light of Financial Culture and Awareness. Acta Polytechnica Hungarica, 18(11), p. 151-169.

Csiszárik-Kocsir, Á., Varga, J. & Garai-Fodor, M. (2016). The value-based analysis of the financial culture. The Journal of Macro Trends in Social Science, 2(1), p. 89.-100.

Csiszárik-Kocsir, Á., Garai-Fodor, M. & Varga, J. (2022). Generation-specific analysis of the pandemic’s impact on financial culture. In: Szakál, A. (ed.) IEEE 20th Jubilee World Symposium on Applied Machine Intelligence and Informatics SAMI (2022), Proceedings Poprad, Slovakia, p. 201-205.

Claessens, S., Dell’Ariccia, G., Igan, D. & Laeven, L. (2009). Lessons and Policy Implications from the Global Financial Crises. IMF Working Paper WP/10/44, February 2010, International Monetary Fund.

Garai-Fodor, M., Varga, J. & Csiszárik-Kocsir, Á. (2022). Generation-specific perceptions of financial literacy and digital solutions. In: Szakál, A. (ed.) IEEE 20th Jubilee World Symposium on Applied Machine Intelligence and Informatics SAMI (2022), Proceedings Poprad, Slovakia, p. 193-200.

Grifoni, A. & Messy, F.A. (2012). Current Status of national Strategies for Financial Education; a comparative analysis and relevant practices, OECD Working Papers on Finance, Insurance and Private Pensions, No. 16.

Grohmann, A. & Menkhoff, L. (2015). School, parents, and financial literacy shape future financial behavior. DIW Economic Bulletin, 30-31, p. 407–417.

Han, H (2014). Ethical financial institution: the ethics arisen from financial crisis. Conference paper, 2014.

Johnson, E. & Sherraden, M.S. (2007). From financial literacy to financial capability amog youth. Journal of Sociology and Social Welfare, 34(3), p. 119-145.

Klapper, L., Lusardi, A. & Panos, G.A. (2012). Financial Literacy and the Financial Crisis. Policy Research Working Paper, Washington, The World Bank.

Koh, N. K. & Lee, C. B. (2010). Because My Parents Say So - Children’s monetary decision making. Procedia Social and Behavioral Sciences, 9, p. 48-52.

Lentner, Cs., Szegedi, K. & Tatay, T. (2015). The social responsibility of central banks. Budapest Management Review, 46(9-10), p. 35-47. (Hungarian).

Lentner, Cs., Szigeti, C. & Borzán, A. (2011). New Dimension of Banks Social Responsibility. In: Szente, V., Szendrő, K., Varga, Á. & Barna, R. (ed.) Abstracts of the 3rd International Conference of Economic Sciences: Sustainable Economics - Community Strategies, Kaposvár, Hungary, 2011.05.19-.20. Kaposvári Egyetem, (Hungarian)

Luksander, A., Béres, D., Huzdik, K. & Németh, E. (2014). Exploring the factors influencing the financial literacy of young people in higher education. Public Finance Quarterly, 59(2), p. 237-258. (Hungarian)

Lusardi, A. & Mitchell, O.S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(4), p. 5-44.

Lusardi, A. & Mitchell, O.S. (2007). Baby boomer retirement security: The role of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54, p. 205-224.

OECD (2016). OECD/INFE International Survey of Adult Financial Literacy Competencies.

OECD (2017). G20/OECD INFE report on adult financial literacy in G20 countries.

OECD (2020). OECD/INFE 2020 International Survey of Adult Financial Literacy.

Osana, H.P., Tucker, B.J. & Bennett, T. (2003). Exploring adolescent decision making about equity: Ill-structured problem solving in social studies. Contemporary Educational Psychology, 28, p. 357-383.

Racelis, A.D. (2014). Examining the Global Financial Crisis from a Virtue Theory Lens. Asia-Pacific Social Science Review, 14(2), p. 23-38.

Sahlman, W.A. (2009). Management and the financial crisis. Harvard Business School Working Paper.

Zsótér, B. & Nagy, P. (2012). Our everyday emotions and finances. Public Finance Quarterly, 57(3), 310-321. (Hungarian)

Zsótér, B. (2015). Intergenerational influences on the financial socialization of young people in the family. Ph.D. Thesis, Corvinus University of Budapest, Budapest (Hungarian)