A politikai vélemény és az állammal szembeni bizalom szerepe az állampapír-tulajdonlás alakításában Magyarországon

Abstract

Background and Aims: Numerous studies have explored the factors influencing investment decisions, such as purchasing government bonds, with a particular focus on certain sociodemographic  (place of residence, educational attainment, age, gender) and psychological characteristics (financial knowledge, risk-taking, self-control). However, less attention has been given to the role of political attitudes, trust in the state, and financial self-efficacy in making these decisions. The aim of our research is to fill this gap based on a sample of Hungarian adults.
Methods: We involved 319 Hungarian adults in the study using an online questionnaire. After providing their most important demographic characteristics and reporting whether they owned government bonds, participants answered scales measuring self-control, financial self-efficacy, risk-taking, financial knowledge, and attitudes toward finance and government bonds. Additionally, they expressed their views on Hungarian government bonds in free-text format.
Results: A more positive political attitude and greater trust in the state significantly increase the likelihood of government bond ownership, while a critical stance toward the government and lack of trust decrease it. Based on the multivariate regression model, gender, age, place of residence, and self-control did not show a significant relationship with government bond attitudes. Educational attainment, financial self-efficacy, risk-taking, and financial knowledge were positively correlated with attitudes, while the results of the logistic regression indicate that a government-critical political attitude and lack of trust in the state significantly reduce the likelihood of holding government bonds.
Discussion: Beyond education, financial knowledge, financial self-efficacy and risk-taking, trust in the state and political opinions play a crucial role in the system of relationships between attitudes toward government bonds and investment decisions.
Limitations: While the use of a convenience sample precludes broad demographic generalizations, it may still be appropriate for identifying patterns within the studied sample. An additional limitation of the study is that no scaled measurement instruments were used to assess political attitudes or trust in the state. As a result, these aspects could only emerge indirectly, based on participants’ open-ended responses.