Measuring Household Financial Standing in the V4 Countries – A Comparison of Official Methodologies
DOI:
https://doi.org/10.15611/pn.2026.2.08Keywords:
household financial standing, economic well-being, Visegrad Group, V4, cross-country comparisonsAbstract
Aim: The article investigates how public institutions in the Visegrad Group (V4) countries define and measure household financial standing, with a particular focus on the role of subjective indicators at national level. The authors addressed two research questions: (i) how is household financial standing conceptualised and measured by public institutions in the V4?, and (ii) to what extent do these approaches differ, particularly in their use of subjective measures?
Methodology: The analysis was based on a comparative review of documents published by national statistical offices and central banks across the V4 countries: survey questionnaires, methodological notes, and statistical reports. Additional input was gathered from OECD guidelines on measuring financial well-being. The study examined terminology, types of indicators used, and the degree to which subjective dimensions are included in national measurement systems.
Results: Despite shared involvement in international frameworks, the V4 countries showed notable variation in defining and measuring household financial standing. Objective indicators dominated across all the four countries, however Poland stood out as the only case where subjective measures are systematically incorporated into official monitoring tools. These discrepancies stem from the national adaptations of international standards and reveal conceptual fragmentation, which weakens cross-country comparability in assessing financial well-being.
Implications and recommendations: The observed conceptual and methodological divergence reduces the comparability of indicators across the V4 countries. Greater harmonisation of measurement practices, particularly through the wider inclusion of subjective indicators in official surveys, could improve cross-country assessments of financial well-being.
Originality/value: This article offers a novel comparative account of how V4 institutions operationalise household financial standing, highlighting differences in definitions, indicator selection, and the inclusion of subjective data. The findings contribute to discussions on the harmonisation of methodologies and the role of subjective metrics in official statistics.
Downloads
References
Abrantes-Braga, F. D. M. A., & Veludo-de-Oliveira, T. (2019). Development and Validation of Financial Well-Being Related Scales. International Journal of Bank Marketing, 37(4), 1025-1040. https://doi.org/10.1108/IJBM-03-2018-0074
Bashir, I., & Qureshi, I. H. (2023). A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030. FIIB Business Review, 12(1), 31-48. https://doi.org/10.1177/23197145221106862
Blazek, D. R., & Siegel, J. T. (2023). Preventing Satisficing: A Narrative Review. International Journal of Social Research Methodology, 27(6), 635-648. https://doi.org/10.1080/13645579.2023.2239086
Brewer, M., Etheridge, B., & O’Dea, C. (2017). Why Are Households That Report the Lowest Incomes So Well-off? The Economic Journal, 127(605), F24-F49. https://doi.org/10.1111/ecoj.12334
Bufe, S., Roll, S., Kondratjeva, O., Skees, S., & Grinstein-Weiss, M. (2022). Financial Shocks and Financial Well-Being: What Builds Resiliency in Lower-Income Households? Social Indicators Research, 161(1), 379-407. https://doi.org/10.1007/s11205-021-02828-y
Cook, D., & Davíðsdóttir, B. (2021). An Appraisal of Interlinkages between Macro-Economic Indicators of Economic Well-Being and the Sustainable Development Goals. Ecological Economics, 184, 106996. https://doi.org/10.1016/j.ecolecon.2021.106996
Cwynar, A. (2020). Financial Literacy, Behaviour and Well-Being of Millennials in Poland Compared to Previous Generations: The Insights from Three Large-Scale Surveys. Review of Economic Perspectives, 20(3), 289-335. https://doi.org/10.2478/revecp-2020-0015
Czapiński, J., & Panek, T. (2015). Social Diagnosis Questionnaires. Social Monitoring Council. Retrieved September 6, 2024, from http://www.diagnoza.com/pliki/kwestionariusze_instrukcje/Kwestionariusze_instrukcja_2015.pdf
Czech, K., Wielechowski, M., Kotyza, P., Benešová, I., & Laputková, A. (2020). Shaking Stability: COVID-19 Impact on the Visegrad Group Countries’ Financial Markets. Sustainability, 12(15), 6282. https://doi.org/10.3390/su12156282
Czech National Bank [CNB]. (2024). Financial Stability Report—Spring 2024. Retrieved September 6, 2024, from https://www.cnb.cz/export/sites/cnb/en/financial-stability/.galleries/fs_reports/fsr_2024_spring/fsr_2024_spring.pdf
D’Ambrosio, C., Jäntti, M., & Lepinteur, A. (2020). Money and Happiness: Income, Wealth and Subjective Well-Being. Social Indicators Research, 148(1), 47-66. https://doi.org/10.1007/s11205-019-02186-w
Diener, E., Inglehart, R., & Tay, L. (2013). Theory and Validity of Life Satisfaction Scales. Social Indicators Research, 112(3), 497-527. https://doi.org/10.1007/s11205-012-0076-y
European Central Bank [ECB]. (2013). The Eurosystem Household Finance and Consumption Survey—Methodological Report for the First Wave. Statistics Paper Series, (1). https://data.europa.eu/doi/10.2866/11881
European Central Bank [ECB]. (2020). The Household Finance and Consumption Survey: Methodological Report for the 2017 Wave. Statistics Paper Series, (35). Retrieved September 6, 2024, from https://www.ecb.europa.eu/pub/pdf/scpsps/ecb.sps35~b9b07dc66d.en.pdf?8fcb3cd59213bac0784168618a9b5fb3
Eurostat. (2023). Methodological Guidelines and Description of EU-SILC Target Variables (Methodological Report DocSILC065 (2024 operation)). CIRABC. Retrieved September 6, 2024, from https://circabc.europa.eu/ui/group/853b48e6-a00f-4d22-87db-c40bafd0161d/library/eddcefda-f481-4c1d-aea5-663d6e799a8b/details
Felderer, B., Kirchner, A., & Kreuter, F. (2019). The Effect of Survey Mode on Data Quality: Disentangling Nonresponse and Measurement Error Bias. Journal of Official Statistics, 35(1), 93-115. https://doi.org/10.2478/jos-2019-0005
Fu, J. (2020). Ability or Opportunity to Act: What Shapes Financial Well-Being? World Development, 128, 104843. https://doi.org/10.1016/j.worlddev.2019.104843
García-Mata, O., & Zerón-Félix, M. (2022). A Review of the Theoretical Foundations of Financial Well-Being. International Review of Economics, 69(2), 145-176. https://doi.org/10.1007/s12232-022-00389-1
Gonos, J., Culkova, K., Tomkova, A., Rovnak, M., & Chovanec, F. (2025). Analysis of the Standard of Living in Connection with the OECD Countries Economic Conditions. Montenegrin Journal of Economics, 21(2), 187-203.
Grzybowska, U., Wojewódzka-Wiewiórska, A., Stachura, P., & Dudek, H. (2025). Household Financial Distress in the Visegrad Group Countries: Comparative Analysis Using Machine Learning Methods. Procedia Computer Science, 270, 703-712. https://doi.org/10.1016/j.procs.2025.09.190
Halandová, K. (2024). The Influence of Objective Financial Well-Being on Life Satisfaction. Ekonomické Rozhľady – Economic Review, 53(2), 131-149. https://doi.org/10.53465/ER.2644-7185.2024.2.131-149
Hariri, J. G., & Lassen, D. D. (2017). Income and Outcomes: Social Desirability Bias Distorts Measurements of the Relationship between Income and Political Behavior. The Public Opinion Quarterly, 81(2), 564-576. http://www.jstor.org/stable/44507337
Hungarian Central Statistical Office [KSH]. (n.d.). Stadat-system – Methodology – Income and Consumption [Methodological Report]. Retrieved September 6, 2024, from https://www.ksh.hu/docs/eng/modsz/jov_meth.html
Hungarian National Bank [MNB]. (n.d.). Results of the Household Finance and Consumption Survey (HFCS) for Hungary. Retrieved September 6, 2024, from https://sta.mnb.hu/Reports/powerbi/STA/HaztVagyon_EN
Hurst, E., Li, G., & Pugsley, B. (2011). Are Household Surveys Like Tax Forms: Evidence from Income Underreporting of the Self-Employed. Finance and Economics Discussion Series, 2011(06), 1-50. https://doi.org/10.17016/feds.2011.06
Institute of Philosophy and Sociology, Polish Academy of Sciences. (2018). Polish Panel Survey (POLPAN) 2018: Questionnaire. POLPAN. Retrieved September 6, 2024, from https://polpan.org/en/data-and-documentation/documentation/2018-questionnaires/
Janikovičová, S., & Barteková, M. (2026). Economic and Environmental Challenges of the Triple Transition in Small and Medium-Sized Enterprises in the Visegrad Group. Discover Sustainability, 7(1). https://doi.org/10.1007/s43621-026-03121-z
Jasiecki, K. (2020). The Role and Importance of Economic Cooperation of the Visegrad Group Countries in the European Union. Online Journal Modelling the New Europe, (33), 25-45. https://doi.org/10.24193/ojmne.2020.33.02
Jäckle, A., Couper, M. P., Gaia, A., & Lessof, C. (2021). Improving Survey Measurement of Household Finances: A Review of New Data Sources and Technologies. In P. Lynn (Ed.), Advances in Longitudinal Survey Methodology (pp. 337-367). Wiley. https://doi.org/10.1002/9781119376965.ch14
Jiřičková, B. L., Dvornáková, T., & Vopravil, J. (2024). Statistics on Income and Living Conditions (SILC) Survey in the Czech Republic: Methodology and History. Statistika: Statistics and Economy Journal, 104(2), 229-242. https://doi.org/10.54694/stat.2023.43
Kotaskova, A., Lazanyi, K., Amoah, J., & Belas, J. (2020). Financial Risk Management in the V4 Countries’ SMEs Segment. Investment Management and Financial Innovations, 17(4), 228-240. https://doi.org/10.21511/imfi.17(4).2020.21
Kovacova, M., Kliestik, T., Valaskova, K., Durana, P., & Juhaszova, Z. (2019). Systematic Review of Variables Applied in Bankruptcy Prediction Models of Visegrad Group Countries. Oeconomia Copernicana, 10(4), 743-772. https://doi.org/10.24136/oc.2019.034
Krasil’nikova, M. (2022). Subjective Perception of Economic Performance: Ongoing Assessments and the Factors Forming Them. Russian Politics & Law, 59(1-3), 1-20. https://doi.org/10.1080/10611940.2022.2110833
Main, G. (2019). Money Matters: A Nuanced Approach to Understanding the Relationship between Household Income and Child Subjective Well-Being. Child Indicators Research, 12(4), 1125-1145. https://doi.org/10.1007/s12187-018-9574-z
Matoušková, E. (2022). Comparison of Economic Cycles of the Slovak Economy and Other Visegrad Four Countries. Public Finance Quarterly, 67(3), 463-481. https://doi.org/10.35551/PFQ_2022_3_9
Mirzaei, A., Carter, S. R., Patanwala, A. E., & Schneider, C. R. (2022). Missing Data in Surveys: Key Concepts, Approaches, and Applications. Research in Social and Administrative Pharmacy, 18(2), 2308-2316. https://doi.org/10.1016/j.sapharm.2021.03.009
Nagy, M., & Valaskova, K. (2023). An Analysis of the Financial Health of Companies Concerning the Business Environment of the V4 Countries. Folia Oeconomica Stetinensia, 23(1), 170-193. https://doi.org/10.2478/foli-2023-0009
Nanda, A. P., & Banerjee, R. (2021). Consumer’s Subjective Financial Well-Being: A Systematic Review and Research Agenda. International Journal of Consumer Studies, 45(4), 750-776. https://doi.org/10.1111/ijcs.12668
Národná Banka Slovenska. (2024). Financial Stability Report. Retrieved September 6, 2024, from https://nbs.sk/en/publications/financial-stability-report/
National Bank of Poland [NBP]. (2017). Household Wealth and Debt in Poland. Methodological Annex to the 2016 Survey Report. Retrieved September 6, 2024, from https://nbp.pl/wp-content/uploads/2022/11/bzgd_2016_metodology_en.pdf
Nkouaga, F. (2024). Comparative Effects of Self-Evaluated and Test-Based Financial Literacy on Choosing Life Insurance Policies in a Multi-Racial Context. Financial Metrics in Business, 5(1), 352-371. https://doi.org/10.25082/FMB.2024.01.001
Noerhidajati, S., Purwoko, A. B., Werdaningtyas, H., Kamil, A. I., & Dartanto, T. (2021). Household Financial Vulnerability in Indonesia: Measurement and Determinants. Economic Modelling, 96, 433-444. https://doi.org/10.1016/j.econmod.2020.03.028
OECD. (2011). How's Life? Measuring Well-Being. OECD Publishing. https://doi.org/10.1787/9789264121164-en
OECD. (2013). OECD Guidelines for Micro Statistics on Household Wealth. OECD Publishing. http://dx.doi.org/10.1787/9789264194878-en
OECD. (2023). OECD/INFE 2023 International Survey of Adult Financial Literacy. OECD Business and Finance Policy Papers, (39). OECD Publishing. https://doi.org/10.1787/56003a32-en
Paździor, A., & Majek, A. (2021). Impact of COVID-19 on Household’s Financial Situation in Poland. European Research Studies Journal, XXIV(1), 492-502. https://doi.org/10.35808/ersj/2279
Prati, A. (2017). Hedonic Recall Bias. Why You Should Not Ask People How Much They Earn. Journal of Economic Behavior & Organization, 143, 78-97. https://doi.org/10.1016/j.jebo.2017.09.002
Radó, M., Nagy, B., & Király, G. (2016). Work-to-Family Spillover: Gender Differences in Hungary. Demográfia, 58(5), 39-64. https://doi.org/10.21543/dee.2015.2
Rahman, A., Rozsa, Z., & Cepel, M. (2018). Trade Credit and Bank Finance – Evidence from the Visegrad Group. Journal of Competitiveness, 10(3), 132-148. https://doi.org/10.7441/joc.2018.03.09
Reisinger, J. (2022). Subjective Well-Being and Social Desirability. Journal of Public Economics, 214, 104745. https://doi.org/10.1016/j.jpubeco.2022.104745
Schmidt, A. (2016). Friends Forever? The Role of the Visegrad Group and European Integration. Politics in Central Europe, 12(3), 113-140. https://doi.org/10.1515/pce-2016-0019
Schork, J., Riillo, C. A. F., & Neumayr, J. (2021). Survey Mode Effects on Objective and Subjective Questions: Evidence from the Labour Force Survey. Journal of Official Statistics, 37(1), 213-237. https://doi.org/10.2478/jos-2021-0009
Soyyiğit, S., & Michalski, B. (2022). The Economic Complexity of the Visegrád Countries and the Role of Trade with Germany. Central European Economic Journal, 9(56), 219-236. https://doi.org/10.2478/ceej-2022-0013
Statistical Office of the Slovak Republic. (2023). Slovak Republic in Figures (Report; Comprehensive Publications Series). Retrieved September 6, 2024, from https://slovak.statistics.sk/PortalTraffic/fileServlet?Dokument=470466fd-e15f-4fde-822d-1d280b50edba
Statistics Poland [GUS]. (2024). Methodological Report for the Household Budget Survey. Retrieved September 6, 2024, from https://stat.gov.pl/obszary-tematyczne/warunki-zycia/dochody-wydatki-i-warunki-zycia-ludnosci/zeszyt-metodologiczny-badanie-budzetow-gospodarstw-domowych,10,3.html
Stawska, J. (2023). The Specificity Determinants of Monetary and Fiscal Policy in the V4 Countries: Comparative Economics Perspective. In M. del Carmen Sánchez-Carreira, P. J. R. Mourão, & B. Blanco-Varela (Eds.), European Regional Policy and Development: Forgotten Regions and Spaces (pp. 125-168). Routledge. https://doi.org/10.4324/9781003256281-10
Šoltés, V., Nováková, B., & Szabo, Z. K. (2018). A Comparative Study on Satisfaction with Current Standard of Living and Its Effects on Overall Life Satisfaction: Case of Romania, V4 and EU-15. Quality Innovation Prosperity, 22(1), 58-72. https://doi.org/10.12776/qip.v1i1.1047
Štěpánek, M. (2023). Financial Wellbeing and Quality of Working Life in the Czech Republic in 2023. Journal of Safety Research and Applications, 16(3-4).
Svobodová, L., & Hedvičáková, M. (2015). Doing Business in the Countries of the Visegrad Group. Procedia Economics and Finance, 34, 453-460. https://doi.org/10.1016/S2212-5671(15)01654-8
Weychert, E. (2020). Financial Development and Income Inequality. Central European Economic Journal, 7(54), 84-100. https://doi.org/10.2478/ceej-2020-0006
Xiao, J. J., & Porto, N. (2017). Financial Education and Financial Satisfaction: Financial Literacy, Behavior, and Capability as Mediators. International Journal of Bank Marketing, 35(5), 805-817. https://doi.org/10.1108/IJBM-01-2016-0009
Želinský, T., Soroková, T., & Petríková, D. (2018). Economic Characteristics and Subjective Well-Being. Sociológia – Slovak Sociological Review, 50(3), 334-364.
Downloads
Published
License
Copyright (c) 2026 Aleksandra Ryczko, Jakub Kubiczek, Julianna Koczy, Jakub Szewc
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Accepted 2026-06-14
Published 2026-07-29
