The changes of the economic behavior of Lithuania residents under COVID-19 conditions

Abstract

The COVID-19 pandemic has affected not only the economies of the countries but also the population. The COVID-19 pandemic is a pandemic of the new respiratory disease COVID-19, which is caused by the SARS-CoV-2 coronavirus. The coronavirus was first recorded in China at the end of 2019, which later spread all over the world. The pandemic in Lithuania has reduced the demand for non-essential goods and services. It is very important to know how to optimally manage your finances in order to improve the standard of living to choose responsibly where to invest in a volatile economic situation. The purpose of the study is to assess changes in the economic behavior of Lithuania residents under the conditions of the COVID-19 pandemic. The article defines the concept of economic behavior, distinguishes internal and external factors related to the economic behavior of the population. The paper discusses the impact of the COVID-19 pandemic on the economic behavior of the population and evaluates the changes in behavior related to the pandemic. In order to find out how the economic behavior of residents has changed due to the COVID-19 pandemic, an instrument was prepared and a population survey was conducted. The survey found out about the population’s financial habits before and during the pandemic – what part of the income is spent on basic necessities, what part is spent on saving and investing. A population survey found that people are more likely to pursue short-term goals when managing their finances and are less likely to choose to invest in pension funds, despite choosing different investment options. The research methods used in the article are the analysis of scientific literature, the method of analysis of the questionnaire survey, comparative analysis, analysis of statistical data.