<strong>Economic effects of the war in Ukraine and recession</strong>

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. A survey was conducted to investigate the financial attitudes and behaviors of individuals during a recessionary period. The survey 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. Participants with higher income level had higher levels of savings and investing behaviors than those with lower income levels. Participant 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. The findings suggest that financial education and management programs should target individuals with lower income levels and less formal education in finance. Additionallt, 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 bevaiors during recessionary periods.