Coping strategies for financial problems: Based on Hungarian data from the OECD 2022 annual report

Abstract

The aim of this study is to explore the role of demographic factors in strategies to address financial problems, based on data from the OECD Financial Literacy Survey 2022 in Hungary. The analysis focused on differences in age, gender, type of residence, income, and region. The research used multivariate statistical methods, such as canonical correlation analysis and Ridge regression, to identify associations between demographic factors and financial behavior. The results showed that region and age are the most significant determinants of financial strategy choice, while education and income have a smaller impact. Residents in Budapest showed higher financial awareness and more diversified strategies compared to a more traditional approach for rural residents. The results suggest the development of targeted financial education programs that take demographic and regional differences into account, thus supporting the enhancement of financial stability.