Globalization processes and their effects on the household economy

¹ University of Economics Bratislava, Faculty of National Economy, Department of Economic Policy, Dolnozemská cesta 1, 851 04 Bratislava, Slovakia
² University of Economics Bratislava, Faculty of National Economy, Department of Social Development and Labour, Dolnozemská cesta 1, 851 04 Bratislava, Slovakia

^* Corresponding author: jarmila.vidova@euba.sk

Abstract

Research background: Globalization influences the behavior of all economic actors. The aim of the presented scientific article is to examine households and household economics, which is affected by current social and innovative changes. The role of households is very important in any economy, they support economic growth with their expenditures, and it depends not only on the growth rate of household consumption, but also on the large share of income of household expenditures.

Purpose of the article: The authors in the scientific article will examine households and their decision-making processes, which mainly concern consumption, taking into account income, expenditure, structure, savings, indebtedness and income stratification in the context of maintaining the required quality of life.

Methods: To meet the goal, we will use available data, we will use statistical methods to analyze, compare with each other and, based on the findings, propose the necessary measures.

Findings & Value added: Globalization processes are part of us and must be accepted in order for households to be able to meet their needs. As their income in particular becomes important, it will be necessary to decide which group of expenditures the household will prefer in order to achieve them. So far, according to statistical data, a very low part of household expenditures went to education, although it is the higher educational level of household members that presupposes that the household will be able to adapt to the challenges of globalization.