Economic Strategies of Households during the Period of Recovery Following the Global Financial Crisis

Abstract

The aim of this article is to provide longitudinal insights into the economic strategies that households from differing social strata have adopted as they attempt to adjust to the changing socio-economic environment of the postsocialist transformation. A survey conducted in 2012 showed a significant decline in proactive economic strategies and a strong reliance on pensions and formal employment, occurring as a result of the 2008 financial crisis. The latest data, from a 2018 survey, show that post-crisis recovery has been followed by a renewal of proactive economic strategies, along with a more diverse range of labour strategies, and that households adopting these are achieving a better economic position. As was the case before the financial crisis, the economic position of households has been strongly influenced by the type of strategy they choose. This has greater significance than their starting position in the social strata.