Examining young people’s awareness of electricity consumption during the energy crisis from the perspective of economics students in Hungary

Abstract

Objective: The objective of our article is to analyse students’ knowledge, awareness, feelings and attitudes to the energy crisis, in particular, the rising price of electricity in Hungary to test whether students are aware of their electricity consumption and influenced by the opinion of their close relatives. We also examined how consumption awareness is influenced by the variables of the number of tenants and the person who pays the electricity bill.

Research Design & Methods: In the research, self-administered questionnaires as qualitative research tools tested the previous assumptions. In total, 272 responses from students of economics at a Hungarian university were analysed by using an ANOVA test. The structural equation modelling (SEM) method for modelling latent variables was used for analysis, including the variance-based method (PLS over-analysis).

Findings: Our study showed that the number of occupants does not affect consumption patterns as most changes in savings are explained by either awareness or by a clear understanding of consumption patterns, and only 10.2% by the war and its consequences.

Implications & Recommendations: Savings on energy and awareness are interdependent. It was also pointed out that there are a lot of factors as a source of information such as (social) media in addition to family, friends, and acquaintances, who do not take the lead in terms of credibility.

Contribution & Value Added: Previous research analysed many context- and area-specific determinants of responsible consumption. Our article explores consumption awareness and analyses savings to obtain information about the feelings and attitudes, as well as reactions of Hungarian students of economics to the energy crisis.

Keywords

energy crisis, savings, awareness, consumption, electricity, SEM model

Author Biography

Tímea Juhász

Associate Professor and Deputy Dean of the Faculty of International Management and Business at the Budapest  Business School

Erika Varga

PhD in management and business administration (2015); habilitation in management and business administration (2021). Associate Professor at the Institute of Rural Development and Sustainable Economy, Hungarian University of Agriculture and Life Sciences (Gödöllő, Hungary). Her research interests include HR, management, leadership issues, competencies and work-life balance.

Arnold Tóth

Associate professor at the Department of Business Economics of Budapest Business School

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