1 Introduction
5.2 Results
This chapter discusses the result of the behavior and activities of Finnish investors during the Covid-19 pandemic based on the empirical part of the thesis. Main points and key factors from the survey are presented and reflected to the average Finnish private investor.
When examining the demographic factors, 2/3 of investors are under the age of 45 and more than 70.0% are men. Most respondents, about 62%, are in employment and about 10% are entrepreneurs.
Taken together, these figures correspond almost exactly to the employment rate of 73.4 reported by Statistics Finland (2021c). In terms of education, according to Statistics Finland (2021d), 74%
of the population continued their studies after primary school, but only 1.7% of the respondents had completed only primary school level education. This is presumably explained by the fact that primary school pupils were not fully represented in the survey since Facebook is not commonly used amongst young teenagers. The number of persons living in the same household differs from Statistics Finland's (2019) figures, according to which most Finns live alone. However, according to the survey, most (38%) live in a two-person household, which is also reflected in the question about marital status where almost 75% reported that they are currently in a relationship, living in cohabitation or married.
The section that focused on investment backgrounds showed that most respondents, just under 60%, have invested for 5 years or less. Lehto (2021) supports this finding, and states that the popularity of investing and saving has grown significantly in recent years which offers explanation to the short investment history. When it came to the average investment per month, half answered that they invest between € 101-500, which is a reasonable amount considering the average salary of Finns, which according to Statistics Finland (2021e) is between € 2500-2999 per month. The motives of Finns to invest are mainly financial independence, retirement days and preparing for unexpected situations. The popularity of the "I prepare for unexpected situations" response can be explained by the Covid-19 pandemic, as Covid-19 has caused significant financial difficulties, especially for many tourism and restaurant entrepreneurs, and investment can create a financial buffer for so-called "bad days". Financial independence and saving for retirement are most likely related to Finland's high tax rate and the desire of individuals to maintain the same standard of
living during retirement as during working life. The issue of investment diversification yielded a predictable result, as according to DanskeBank (2010), most Finns invest mainly in shares, funds, and real estates.
The last part of the survey, which focused on finding out about changes in the investment behavior of Finns, makes it possible to utilize different behavioral finance theories behind the investor’s decisions, and possibly offer an explanation to their behavior.
Over the past two years, Finns have mostly transferred their wealth to shares and funds, which Lehto (2021) supports by stating that share trades rose as much as 115% in 2021, partly due to the Covid-19 pandemic limiting other consumption opportunities. The theory of regret may apply to the investment decisions made amidst the pandemic, questions 14 and 15, if investors followed the crowd and invested in the same shares, funds, etc. to feel more secure about their decisions, since they were all aboard on the same investments. However, some respondents stated that they also transferred their investments to derivatives, which is generally taken as investment protection.
Demand for derivatives is reflected in the VIX-index, also perceived as a so-called fear index.
According to Paasi (2021) the higher the VIX-index figure is, the more stressed the markets are and the higher is the risk of a stock market crash. He also states that derivates are more valuable when the risk increases, which explains the respondents shift of investments towards derivates.
The question that mapped the potential sensations that had increased due to the Covid-19 supports investment in derivatives, as most respondents said the Covid-19 pandemic increased the feeling of uncertainty.
Respondents also stated that they had increased the amount they had invested in the last two years and that they were monitoring their investments more actively. This is explained by social factors.
The outbreak of Covid-19, on the other hand, only led investors to increase the amount invested and did not cause them to transfer their funds or report an increase in uncertainty about their own finances, which is somewhat at odds with their responses that the greatest sensation increased was uncertainty, due to the pandemic. The behavioral theory of social factors may offer explanation on these findings since Finns increased their investments before and after the pandemic’s declaration.
Once the pandemic was declared as it can be said, most of the Finns are quite patriotic as Hakala
(2021) reported, almost all the five most popular shares amongst Finns are domestic. Hence why personal values and loyalty to the Finnish companies might have played a part in Finns investment behavior in midst of the crisis. The theory of financial cognitive dissonance may also provide an explanation for the behavior of investors during the pandemic, question 14, because when numerous stock prices fell and individuals’ investments did not perform as expected, they could experience symptoms similar to financial cognitive dissonance, as they fail to admit that they have made a bad investment decision or by following the herd, as they increased their investments based on a specific momentum. In the last question, which examined the investment behavior in 2021, investors stated that they were very optimistic, as interest in their own investments, confidence in their own finances and active monitoring of investments were reported to have increased. Once again, as in the former questions, investors stated that they had not taken protective measures against their investments or shifted their investments to so-called ‘safer’ instruments. This phenomena of not taking protective measures towards investments could be a sing on overconfidence. As according to the theory of overconfidence, people tend to be overoptimistic about their life prospects which affects their financial decisions.
Overall, an increase of interest towards investing has been growing for years as Finns are more likely to invest than deposit their wealth. The main reasons behind investing are mainly related to achieving a better quality of life. Covid-19 has had positive effects on Finns as investors, since the quantity invested, and the monitoring of investments has increased throughout the pandemic.
6 Conclusions
The goal of this thesis was to examine the changes in investment behavior of Finnish households in 2019-2021. The aim was to find out how Finnish private investors felt about investing before, during and after the pandemic. In addition, the study sought to find out investors' investment backgrounds and the sensations caused by the pandemic in investors. This revealed that most investors had a relatively short investment background, and that the pandemic has caused uncertainty amongst investors but did not play out as expected in their investment behavior.
The introduction chapter presented why the research topic is relevant, as well as the structure of the thesis and previous research on the topic. The second and third chapters formed the theoretical framework for the study, when key concepts and theories related to investment, investment behavior, and the economic impact of a pandemic and pandemic itself were introduced. The fourth and fifth chapters constructed the empirical part of the thesis and included an overview of the research method and data used in the research. In addition, the empirical part included an overview of the investment behavior of Finns and the economic situation in Finland. These together with the data and theories presented earlier, formed the basis for the results obtained in the study, which was analyzed at the end of the empirical part.
The research was based on a survey targeted to Finnish private investors and was available from November 21 to November 27, 2021. Respondents to the survey represented an average Finnish investor in terms of their demographic factors. However, most respondents had a short investment history, indicating an increase in interest towards investing in the recent years. The investment targets were also not surprising, as most of the respondents invest in typical Finnish investment instruments. A response to the research questions was obtained from the last section of the survey.
It was found that the outbreak of the Covid-19 pandemic has increased the quantity of investments made by Finnish households and caused Finns to monitor their own investments more actively.
Uncertainty or hedging measures were not reflected in the investments; on the contrary, Finns have not made significant deposits in their bank accounts or transferred their investments to investments that are considered safer. The results are consistent with previous studies on the behavior of Finnish
investors during a pandemic. Previous studies have also found an increase in investment activity in recent years as well as during the pandemic.
As further research, it would be interesting to see a similar study throughout the entire pandemic, as well as in the post-pandemic period when and if the world still returns to the so-called normal state. A more detailed study, which studies the factors that influence the investment decisions of Finns in more detail, and their comparison with the investment decisions of citizens of other countries, could in addition to be a topic to investigate.
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Appendix 1: Survey Tervetuloa kyselyyn!
Opinnäytetyössäni tutkin suomalaisten sijoituskäyttäytymistä ja onko koronapandemialla ollut vaikutusta tähän. Kysely kestää noin kolme minuuttia, vastaukset ovat anonyymejä ja tulokset julkaistaan kandidaatintutkielmassa myöhemmin.
Kiitos etukäteet osallistumisesta.
1. Ikäni on *
18 - 24 vuotta 25 - 34 vuotta 35 - 44 vuotta 45 - 54 vuotta 55 - 65 vuotta yli 65 vuotta
2. Sukupuoleni on *
Mies Nainen Muu
3. Elämäntilanteeni on
Työssä käyvä Työtön Eläkeläinen Yrittäjä Muu, mikä?
4. Kotitaloudessani asuu *
1 2 3 4
5 tai enemmän
5. Parisuhde tilanteeni on *
Sinkku Parisuhteessa Avoliitossa Avioliitossa
6. Koulutukseni on *
Peruskoulu Ammattikoulu Lukio
Kaksoistutkinto Ammattikorkeakoulu Yliopisto
7. Sijoituskokemukseni vuosina on *
alle 1 vuosi 1- 5 vuotta 6 - 10 vuotta 11 - 20 vuotta yli 20 vuotta
8. Kuinka paljon sijoitat keskimäärin kuukaudessa? *
0 - 100€
101 - 500€
501 - 1000 € 1001 - 3000 € yli 3000 €
9. Miksi sijoitat? Valitse yksi tai useampi. *
Haluan olla taloudellisesti riippumaton Unelmien kotia varten
Eläkepäiviä varten
Haluan taata jälkikasvulle paremman tulevaisuuden Varaudun yllättäviin tilanteisiin
Muu, mikä?
10. Miten olet hajauttanut sijoituksesi? Valitse yksi tai useampi *
Osakkeet Rahastot
Joukkovelkakirjat Kiinteistöt
Metsä Kulta Valuutta Hyödykkeet Muu, mikä?
11. Viimeisen kahden vuoden aikana olen siirtänyt sijoituksiani enemmän seuraaviin kohteisiin. Valitse yksi tai useampi
Osakkeisiin Rahastoihin
Joukkovelkakirjoihin Kiinteistöihin
Metsään Kultaan Valuuttoihin Hyödykkeisiin Muuhun, mihin?
12.
Mitä mieltä olet seuraavista väittämistä 13 - 15.
samaa mieltä, 5 = täysin samaa mieltä)
13. Viimeisen kahden vuoden aikana olen.
jokseenkin samaa mieltä, 5 = täysin samaa mieltä) *
1 2
Koronapandemia on lisännyt seuraavia tuntemuksia. Valitse yksi tai
(1 = täysin eri mieltä, 2 = jokseenkin eri mieltä, 3 = ei samaa eikä eri mieltä, 4 = jokseenkin
(1 = täysin eri mieltä, 2 = jokseenkin eri mieltä, 3 = ei samaa eikä eri mieltä, 4 =
14. Koronapandemian puhkeaminen maaliskuussa 2020
jokseenkin samaa mieltä, 5 = täysin samaa mieltä) *
1 2 3
jokseenkin samaa mieltä, 5 = täysin samaa mieltä) *
1 2 3
Viime vuoden 2021 aikana, kun pandemian puhkeamisesta on yli vuosi
(1 = täysin eri mieltä, 2 = jokseenkin eri mieltä, 3 = ei samaa eikä eri mieltä, 4 =
Appendix 2: Respondents age distribution
Appendix 3 : Respondents gender distribution
Appendix 4 : Respondents life situation
Appendix 5 : Respondents education
Appendix 6 : People living in the same household
Appendix 7 : Marital status.
Appendix 8: Investing experience in years.
Appendix 9: Average monthly investment EUR
Appendix 10: Reasons for investing
Appendix 11: Investment diversification
Appendix 11: Investment diversification