BEYOND NUMBERS: COVID’S IMPACT ON ROMANIAN FAMILIES’ BUDGETS – ADAPTATION, STRUGGLES, AND POLICY SOLUTIONS
##plugins.themes.bootstrap3.article.main##
##plugins.themes.bootstrap3.article.sidebar##
Abstract
In the global health crisis unleashed by the COVID-19 pandemic, understanding its multiple impacts on family budgets is emerging as a critical area of research. This study examines the impact of the pandemic on Romanian households, shedding light on how families navigated the economic upheavals caused by this unprecedented situation. Using a comprehensive methodological framework that includes secondary data analysis and opinion surveys, the research closely examines changes in income, expenditure patterns and the resilience strategies adopted by families to withstand the economic strain caused by the pandemic. The research reveals a significant disruption in household incomes and a marked shift towards more conservative spending habits, with an increased focus on essential expenses. It also reveals that families are adopting various adaptation strategies, including budget optimisation and seeking government assistance, to mitigate the economic impact of the pandemic. The results of the study are crucial for understanding the wider socio-economic impact of COVID-19 on family budgets and provide valuable insights for formulating targeted public policies to strengthen household resilience in the face of future crises. By examining the impact of the pandemic on family budgets in Romania, the study contributes to the academic discourse on crisis management and economic resilience. It highlights the need for comprehensive support mechanisms to protect vulnerable populations during global emergencies.
How to Cite
##plugins.themes.bootstrap3.article.details##
family budget, crisis, COVID-19, pandemic, adaptation, struggle, political decisions
Baicu, C., Gârdan, I., Gârdan, D., & Epuran, G. (2020). The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania. Management & Marketing. Challenges for the Knowledge Society, Vol. 15, p. 534–556. DOI: https://doi.org/10.2478/mmcks-2020-0031
Bordeianu, O. M., Grigoras-Ichim, C. E., & Morosan-Danila, L. (2021). SMEs Sustainability in Times of Crisis. LUMEN Proceedings, Vol. 17, p. 58–65. DOI: https://doi.org/10.18662/wlc2021/07
Castiglioni, M., Hărăguș, M., Faludi, C., & Hărăguş, P. (2016). Is the Family System in Romania Similar to Southern European Countries? Comparative Population Studies, Vol. 41, p. 57–86. DOI: https://doi.org/10.12765/CPOS-2016-01EN
Chivu, L., Ciutacu, C., & Georgescu, L. (2015). Household Income in Romania. A Challenge to Economic and Social Cohesion. Procedia. Economics and finance, Vol. 22, p. 398–401. DOI: https://doi.org/10.1016/S2212-5671(15)00310-X
Hatmanu, M., & Căutișanu, C. (2021). The Impact of COVID-19 Pandemic on Stock Market: Evidence from Romania. International Journal of Environmental Research and Public Health, Vol. 18. DOI: https://doi.org/10.3390/ijerph18179315
Lungu, L. (2013). The Impact of EU Funds on Romanian Finances. Romanian Journal of European Affairs, Vol. 13(2), p. 5–27. Available at: https://www.researchgate.net/publication/287939908_The_Impact_of_EU_Funds_on_Romanian_Finances
Marin, A., & Rodino, S. (2021). The Impact of the COVID-19 Crisis on Romanian Tourism. Tourism International Scientific Conference Vrnjačka Banja – TISC, Vol. 6(1), p. 46–61. DOI: https://doi.org/10.52370/tisc2146am
Mezei, S., & Pentescu, A. (2022). Underfunding of the Health System in Romania. Revista Economica, Volume 74, Issue 3, p. 71–81. DOI: https://doi.org/10.56043/reveco-2022-0026
Morosan-Danila, L., & Bordeianu, O. M. (2021a). Human resources strategies in times of crisis. LUMEN Proceedings, Vol. 17, p. 475–481. DOI: https://doi.org/10.18662/wlc2021/47
Morosan-Danila, L., & Bordeianu, O. M. (2021b). Tax Facilities for Romanian Companies in Combating the Crisis Generated by COVID-19. Ovidius University Annals, Economic Sciences Series, Vol. 21(1), p. 369–376.
Morosan-Danila, L., Grigoras-Ichim, C. E., & Bordeianu, O. M. (2021). Telework-Between Obligation and Solution During the COVID-19 Pandemic. Ovidius University Annals, Economic Sciences Series, Vol. 21(1), p. 621–629.
Mureşan, C., Farkas, T., Şteţ, D., Czumbil, L., Cîrstea, S., Turcu, A., ... & Micu, D. D. (2022). Assessment of the targeted energy saving potential through an energy efficiency action plan adapted to the specific needs of a SME in Romania.
Oancea, B., Andrei, T., & Pirjol, D. (2017). Income inequality in Romania: The exponential-Pareto distribution. Physica A-statistical Mechanics and Its Applications, Vol. 469, p. 486–498. DOI: https://doi.org/10.1016/J.PHYSA.2016.11.094
Onofrei, M., Cigu, E., Vatamanu, A., Bostan, I., & Oprea, F. (2021). Effects of the COVID-19 Pandemic on the Budgetary Mechanism Established to Cover Public Health Expenditure. A Case Study of Romania. International Journal of Environmental Research and Public Health, Vol. 18. DOI: https://doi.org/10.3390/ijerph18031134
Panaite, M. (2004). A Brief Analysis of Household Savings in RomaniA. Romanian Journal of Economic Forecasting, Vol. 1, p. 91–96.
Persu, M. (2023). The Coronavirus Pandemic and the Impact of Anti-COVID-19 Measures on the Population of Romania (March 16, 2020 – March 8, 2022). Revue Roumaine de Géographie / Romanian Journal of Geography. DOI: https://doi.org/10.59277/rrg.2023.2.06
Popa, F. (2022). Some Public Policy Instruments Initiated in Romania in the COVID-19 Context. Studies And Scientific Researches. Economics Edition. DOI: https://doi.org/10.29358/sceco.v0i35.502
Radulescu, C. V., Ladaru, G. R., Burlacu, S., Constantin, F., Ioanăș, C., & Petre, I. L. (2020). Impact of the COVID-19 pandemic on the Romanian labor market. Sustainability, Vol. 13(1), p. 271.
Ruffner, M., Wehner, J., & Witt, M. (2005). Budgeting in Romania. Oecd Journal on Budgeting, Vol. 4, p. 27–54. DOI: https://doi.org/10.1787/BUDGET-V4-ART20-EN
Soava, G., Mehedintu, A., Sterpu, M., & Grecu, E. (2021). The Impact of the COVID-19 Pandemic on Electricity Consumption and Economic Growth in Romania. Energies, 14, 2394. DOI: https://doi.org/10.3390/EN14092394
Veres, V. (2023). Livelihood Strategies during the COVID-19 Epidemic in Materially Disadvantaged Roma Communities from Covasna County, Romania. Social Sciences. DOI: https://doi.org/10.3390/socsci12050268
This work is licensed under a Creative Commons Attribution 4.0 International License.