DOI: https://doi.org/10.36719/2663-4619/130/7-23
Mobilization of Household Savings as a Factor of Financial Stability of the EU Countries in the Context of Macroeconomic Instability
Dmytro Riabtsev1* , Volodymyr Shevchuk2 , Olena Slavkova3 ,
Dmytro Pulcha4 , and Svitlana Luchkovska5
Abstract. The households’ financial stability is a key component of macroeconomic stability across the European Union countries. This issue gains particular importance in periods of economic instability, global financial shocks, and pandemics. The study utilized cluster analysis to identify similarities and differences in financial trends in the Czech Republic, Italy and Spain, supported by data visualization techniques. The findings show that household savings exhibit wave-like dynamics in response to both market fluctuations as well as macroeconomic shocks. Distinct behavioral patterns across countries are revealed due to comparative analysis, in accordance with differences in economic structure, the state of the stock market and macroeconomic conditions. In the Czech Republic, the savings steadily remained high (18–19%), whereas Italy yielded rather moderate levels (10–11%). In Spain, savings were more sensitive to crisis changes (14% in 2020). The fall in the PX, FTSE MIB and IBEX 35 stock indices in 2018 and 2020 stimulated savings. On the other hand, sustained growth in 2021-2025 restored confidence and promoted moderate investment. GDP, unemployment, and interest rates shaped adaptive financial behavior. This study integrates macroeconomic, market and behavioral factors, which enables a more comprehensive understanding of household financial behavior and improves the basis for forecasting and policy development aimed at stimulating savings and managing financial risks.
Keywords: stock market, macroeconomic instability, econometric analysis, market shocks, GDP