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Background: The economic effects of wars and recessions can have significant impacts on consumer attitudes and behaviors. Understanding how these attitudes and behaviors change impacts during challenging economic times is crucial for financial education and management. Methods: A survey was conducted to investigate the financial attitudes and behaviors of individuals during a recessionary period. The survey was distributed from January 15th to February 28th, 2023 and included questions about age, financial education level, savings behavior, attitudes towards debt, gender and financial management behavior, age and financial education, and income and savings behavior. Data were analyzed using t-tests and ANOVA. Results: Participants with higher income levels had higher levels of savings and investing behaviors than those with lower income levels. Participants with a higher level of formal education in finance had higher levels of budgeting and investing behaviors than those with a lower level of formal education in finance. Additionally, participants who reported higher levels of self-rated financial knowledge had higher levels of all financial management behaviors (budgeting, saving, investing, and debt management) compared to those with lower self-rated financial knowledge. Conclusions: The findings suggest that financial education and management programs should target individuals with lower income levels and less formal education in finance. Additionally, promoting self-rated financial knowledge may be a useful strategy for improving financial management behaviors. Future research could explore the effectiveness of different financial education and management programs on improving financial attitudes and behaviors during recessionary periods.

Background: The current situation from economic effects of war, as political uncertainty, geographic proximity,and the impact of new sanctions against Russia,has led to negative reactions in European stock markets.Previous research has shown that economic crises can have significant impacts on consumer financial behaviors and attitudes. Methods:The purpose of the study was to examine how consumer attitudes and behaviors change during periods of recession and to identify the implications for financial education and management during challenging economic times.Demographic data and financial management behavior data were collected from a sample 428 respondents.By examining consumer attitudes and behaviors during a recession,this study can provide insights into how financial education and management can be improved to support consumers during challenging economic times.A survey was conducted to investigate the financial attitudes and behaviors of individuals during a recessionary period from January 15th to February 28th,2023 and included questions about age, financial education level,savings behavior,attitudes towards debt,gender and financial management behavior,age and financial education, and income and savings behavior.Data were analyzed using t-tests and ANOVA. Results:Participants with higher income levels had higher levels of savings and investing behaviors than those with lower income levels. Participants with a higher level of formal education in finance had higher levels of budgeting and investing behaviors than those with a lower level of formal education in finance. Participants who reported higher levels of self-rated financial knowledge had higher levels of all financial management behaviors compared to those with lower self-rated financial knowledge. Conclusions:The findings suggest that financial education and management programs should target individuals with lower income levels and less formal education in finance. Promoting self-rated financial knowledge may be a useful strategy for improving financial management behaviors. Future research could explore the effectiveness of different financial education and management programs on improving financial attitudes and behaviors during recessionary periods.

Background: The economic effects of wars and recessions can have significant impacts on consumer attitudes and behaviors. Understanding how these attitudes and behaviors change impacts during challenging economic times is crucial for financial education and management. Methods: A survey was conducted to investigate the financial attitudes and behaviors of individuals during a recessionary period. The survey was distributed from January 15th to February 28th, 2023 and included questions about age, financial education level, savings behavior, attitudes towards debt, gender and financial management behavior, age and financial education, and income and savings behavior. Data were analyzed using t-tests and ANOVA. Results: Participants with higher income levels had higher levels of savings and investing behaviors than those with lower income levels. Participants with a higher level of formal education in finance had higher levels of budgeting and investing behaviors than those with a lower level of formal education in finance. Additionally, participants who reported higher levels of self-rated financial knowledge had higher levels of all financial management behaviors (budgeting, saving, investing, and debt management) compared to those with lower self-rated financial knowledge. Conclusions: The findings suggest that financial education and management programs should target individuals with lower income levels and less formal education in finance. Additionally, promoting self-rated financial knowledge may be a useful strategy for improving financial management behaviors. Future research could explore the effectiveness of different financial education and management programs on improving financial attitudes and behaviors during recessionary periods.