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The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study
The citizens of Turkey were confronted with the shock of the Covid-19 pandemic while struggling with high inflation and unemployment rates, and a weakening domestic currency. However, a noteworthy phenomenon during the year 2020 was the performance of stock market in Turkey, which was mostly driven...
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer India
2022
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Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9616398/ http://dx.doi.org/10.1007/s40622-022-00328-7 |
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author | Altınbaş, Hazar |
author_facet | Altınbaş, Hazar |
author_sort | Altınbaş, Hazar |
collection | PubMed |
description | The citizens of Turkey were confronted with the shock of the Covid-19 pandemic while struggling with high inflation and unemployment rates, and a weakening domestic currency. However, a noteworthy phenomenon during the year 2020 was the performance of stock market in Turkey, which was mostly driven by local individuals. Not only stocks, but cryptocurrencies are also popular investments favored by the populace, collectively signaling an increase in risk-taking behavior. Learning more about this point of interest is even more intriguing when considering the ongoing poor economic circumstances. In this study, the financial product decisions of individuals living in Turkey are examined for the first year of pandemic. The data were collected using an Internet survey. Information on participant’s demographics, financial product choices, declarations on changes in their interest in financial markets/products, financial status, and net income after Covid-19 was used. The results show that changes were associated with several product preferences, particularly with cryptocurrency. The findings indicate that regulators/authorities need to understand the reasons and conditions which influence those financial decisions and intervene if necessary because such excessive risk taking may eventually deteriorate social and financial wealth across the whole country. |
format | Online Article Text |
id | pubmed-9616398 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | Springer India |
record_format | MEDLINE/PubMed |
spelling | pubmed-96163982022-10-31 The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study Altınbaş, Hazar Decision Research Article The citizens of Turkey were confronted with the shock of the Covid-19 pandemic while struggling with high inflation and unemployment rates, and a weakening domestic currency. However, a noteworthy phenomenon during the year 2020 was the performance of stock market in Turkey, which was mostly driven by local individuals. Not only stocks, but cryptocurrencies are also popular investments favored by the populace, collectively signaling an increase in risk-taking behavior. Learning more about this point of interest is even more intriguing when considering the ongoing poor economic circumstances. In this study, the financial product decisions of individuals living in Turkey are examined for the first year of pandemic. The data were collected using an Internet survey. Information on participant’s demographics, financial product choices, declarations on changes in their interest in financial markets/products, financial status, and net income after Covid-19 was used. The results show that changes were associated with several product preferences, particularly with cryptocurrency. The findings indicate that regulators/authorities need to understand the reasons and conditions which influence those financial decisions and intervene if necessary because such excessive risk taking may eventually deteriorate social and financial wealth across the whole country. Springer India 2022-10-28 2022 /pmc/articles/PMC9616398/ http://dx.doi.org/10.1007/s40622-022-00328-7 Text en © The Author(s) under exclusive licence to Indian Institute of Management Calcutta 2022, Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic. |
spellingShingle | Research Article Altınbaş, Hazar The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study |
title | The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study |
title_full | The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study |
title_fullStr | The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study |
title_full_unstemmed | The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study |
title_short | The influence of the pandemic on financial decisions made by individuals in Turkey: A cross-sectional study |
title_sort | influence of the pandemic on financial decisions made by individuals in turkey: a cross-sectional study |
topic | Research Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9616398/ http://dx.doi.org/10.1007/s40622-022-00328-7 |
work_keys_str_mv | AT altınbashazar theinfluenceofthepandemiconfinancialdecisionsmadebyindividualsinturkeyacrosssectionalstudy AT altınbashazar influenceofthepandemiconfinancialdecisionsmadebyindividualsinturkeyacrosssectionalstudy |