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Financial Literacy in Turkey: A field study to touch base with the OECD

Ali Coskun, Muhammed Abdullah Sahin and Alperen Zengin
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Ali Coskun: Department of Management, Bogazici University
Muhammed Abdullah Sahin: Department of Economics and Finance, Medipol University
Alperen Zengin: Department of Management, Bogazici University

International Journal of Research in Business and Social Science (2147-4478), 2019, vol. 8, issue 3, 01-16

Abstract: We measure the level of financial literacy in Turkey using the OECD/International Network on Financial Education (INFE) methodology and compare our results with the ones obtained in 14 other countries that has used the same methodology. In our sample, financial knowledge and financial behavior levels are lower than the average of the 14 countries, whereas financial attitude level is around the average. The overall financial literacy score, which is a combination of the three aforementioned aspects, is also lower than the average of the 14 countries. We find that financial behavior is positively related with financial knowledge, female respondents are lagging behind the male respondents in financial literacy, and this lag is bigger than those in the 14 countries. Very young respondents and old respondents are less financially literate, financial literacy score is positively related with income, education, and income stability. Key Words:Financial Awareness, Financial Capability, Financial Literacy, Financial Literacy Score

Date: 2019
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Handle: RePEc:rbs:ijbrss:v:8:y:2019:i:3:p:01-16