Saving tendency and risk-taking behavior of individuals before and after the COVID-19 period: A study in the context of behavioral finance

The COVID-19 pandemic, which emerged in the last days of 2019, has affected the whole world. It has been observed that the pandemic, which closely affects individuals and institutions, has many economic, social and psychological effects, especially in the field of health, due to the prohibitions and restrictions and the loss of life. COVID-19, which caused a change in individuals' consumption preferences and spending behaviors, caused many people to become unemployed and lose income. Considering the economic damage caused by the pandemic, this study was conducted because it is thought that individuals' tendency to save and their tendency to risk has changed due to the difference in saving tendency. Since COVID-19, in which many people lost their lives, is thought to affect individuals psychologically in terms of both loss of life and proximity to death, it was intended to be explained by associating it with behavioral finance, which emphasizes that individuals do not always make rational decisions due to psychological and social factors. This study; It aimed to examine how the pandemic affects individuals' risk-taking behavior and therefore their tendency to save, in the context of behavioral finance, one of the finance theories. In this context, 31 questions were asked to individuals using the survey method, which is one of the quantitative research methods. 413 people participated in the online survey; Due to the elimination made, the data obtained from 403 people were analyzed using the Free Trial Version of SPSS Statistics (Statistical Package for Social Sciences) for Windows 25.0 program. As a result of the analysis and tests, it was seen that the pandemic increased the tendency to save by causing a change in individuals' risk orientation depending on their demographic characteristics. It was concluded that individuals feared the impact of the pandemic on both their own health and the health of their loved ones and changed their savings tendencies. At the same time, participants in the study stated that they felt death closer to them than ever due to the pandemic; Due to their proximity to death, their savings tendencies have changed.