Effects of Covid-19 Pandemic in Personal and Family Savings in Albania

Abstract

The coronavirus outbreak, Covid-19, began in December 31, 2019 in Wuhan, China and quite quickly was spread in 212 countries and territories around the world. In Albania the first cases of Covid-19 were confirmed in March 2020. Covid -19 pandemic emergency has transformed into a worldwide financial emergency, putting in danger the wellbeing, occupations and salaries of millions of individuals around the planet. Coronavirus devastatingly affects the monetary security and prosperity of families. Since March 2020, the world economy has shed more than 13.3 million positions – 55% of them lost by ladies – setting off broad joblessness and sharp decreases in family incomes. Albania has been hit by two crushing stuns with hardly a pause in between: The November 2019 earth quake and the Covid-19 pandemic in spring 2020 that has frozen huge pieces of the economy. These stuns rule ongoing financial turns of events and the close term viewpoint for the economy. The main objective of this study is to investigate the impact that Covid-19, has had in personal income and also in the way that Albanian react in this situation related to family savings. To fulfil this objective, primary data are collected for the Tirana commune and its surroundings. In order to administer a considerable amount of data, a number of 1500 randomly selected individuals have been directly interviewed. From the data analysis we have concluded that most of the independent factors that we have chosen are significant in the three models. Also from the survey we have seen that the majority of the have changed their way of thinking related to personal and family savings. And as the main reason form this, they have listed the pandemic situation.