Household Financial Decision Making Amidst the COVID-19 Pandemic

Pengpeng Yue · Aslıhan Gizem Korkmaz · Haigang Zhou

171 citations0/0 files storedEmerging Markets Finance and Trade

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COVID-19 Pandemic Impacts Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics

Abstract

This paper investigates the impact of the COVID-19 pandemic on household investment decisions using a novel survey conducted by the Survey and Research Center for China Household Finance. We use linear probability and probit models to analyze the effects of COVID-19 at the household level. Our results show that households who know someone infected with COVID-19 lose confidence in the economy. They are more likely to change their risk behavior and become risk-averse. Further, COVID-19 increases the probability that a household will change its investment portfolio. More specifically, it causes a 9.15% decrease in the total investment amount.

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References

2020Financial markets under the global pandemic of COVID-19 2020COVID-19 and finance: Agendas for future research 2020Financial contagion during COVID–19 crisis 2020The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies 2020Coronavirus (COVID-19) — An epidemic or pandemic for financial markets 2020COVID-19: Media coverage and financial markets behavior—A sectoral inquiry 2003Portfolio Choice and Health Status 2020Oil Price News and COVID-19—Is There Any Connection?

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