BEYOND NUMBERS: COVID’S IMPACT ON ROMANIAN FAMILIES’ BUDGETS – ADAPTATION, STRUGGLES, AND POLICY SOLUTIONS

Abstract

In the global health crisis unleashed by the COVID-19 pandemic, understanding its multiple impacts on family budgets is emerging as a critical area of research. This study examines the impact of the pandemic on Romanian households, shedding light on how families navigated the economic upheavals caused by this unprecedented situation. Using a comprehensive methodological framework that includes secondary data analysis and opinion surveys, the research closely examines changes in income, expenditure patterns and the resilience strategies adopted by families to withstand the economic strain caused by the pandemic. The research reveals a significant disruption in household incomes and a marked shift towards more conservative spending habits, with an increased focus on essential expenses. It also reveals that families are adopting various adaptation strategies, including budget optimisation and seeking government assistance, to mitigate the economic impact of the pandemic. The results of the study are crucial for understanding the wider socio-economic impact of COVID-19 on family budgets and provide valuable insights for formulating targeted public policies to strengthen household resilience in the face of future crises. By examining the impact of the pandemic on family budgets in Romania, the study contributes to the academic discourse on crisis management and economic resilience. It highlights the need for comprehensive support mechanisms to protect vulnerable populations during global emergencies.

Keywords

• family budget
• crisis
• covid-19
• pandemic
• adaptation
• struggle
• political decisions