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Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country

Year 2021, Volume: 9 Issue: 1, 135 - 158, 30.06.2021

Abstract

Increasing crime rates and prison occupancy are major problems for every country. Previous studies were conducted in countries with high national incomes. Therefore, there is a gap in the literature as to whether different results can be achieved in countries with different income levels. For this reason we aimed to determine whether the level of financial literacy differs between types of crimes, and, if there is a difference, which types of crimes are associated with low financial literacy. The quantitative data set consists of a survey conducted in February 2020, with 670 out of the 712 convicts incarcerated in the Manisa E-type closed penal institution in western Turkey who agreed to respond. Within the scope of the study, the basic and sophisticated financial literacy of convicts were measured and then basic and sophisticated literacy indices were created. There are 3 hypotheses in this context. H1: The convicts have lower financial literacy than the general public hypothesis is not rejected. H2: The level of basic financial literacy of convicts varies according to the types of crimes hypothesis is not rejected. H3: The convicts have lower levels of financial sophistication then other disadvantages groups hypothesis is rejected. Our financial literacy indices indicated that the prisoners’ basic financial literacy levels were closely related to various demographic factors whereas the level of financial sophistication was weakly related to them. Individuals imprisoned for grievous bodily harm and murder had the highest financial literacy levels, and were similar to levels in the general Public. Regarding sophisticated literacy, all respondents had high literacy levels for asset pricing, risk diversification, fees and deductions, and concepts.

Supporting Institution

General Directorate of Prisons and Detention Houses (GDPD) under the Ministry of Justice of the Republic of Turkey

Thanks

We would like to thank to General Directorate of Prisons and Detention Houses (GDPD) under the Ministry of Justice of the Republic of Turkey for the permission and support to the study.

References

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Year 2021, Volume: 9 Issue: 1, 135 - 158, 30.06.2021

Abstract

References

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  • Hogarth, J. M., & Hilgert, M. (2002). Financial knowledge, experience and learning preferences: Consumer Interest Annual, 48, 1-7. google scholar
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  • Huston, S. J., Finke, M. S., & Smith, H. (2012). A financial sophistication proxy for the Survey of Consumer Finances. Applied Economics Letters, 19(13), 1275-1278. doi: https://doi.org/10.1080/13504851.2011.619 485 google scholar
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  • Janor, H., Yakob, R., Hashim, N. A., Zanariah, Z., & Wel, C. A. (2016). Financial literacy and investment decisions in Malaysia and United Kingdom: A comparative analysis. GEOGRAFHIA Malaysian journal of Society and Space, 12(2), 106-118. google scholar
  • Japelli, T., & Padula, M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779-2792. doi:10.1016/j.jbankfin.2013.03.019 google scholar
  • Johnson, E., & Sherraden, M. S. (2007). From Financial Literacy to Financial Capability Among Youth. Journal of Sociology and Social Welfare, XXXIV. google scholar
  • Kadoya, Y., Khan, M. R., Hamada, T., & Dominguez, A. (2018). Financial Literacy and Anxiety about Life in Old Age: Evidence from the USA. Review of Economics of the House Hold, 16, 859-878. doi: https://doi. org/10.1007/s11150-017-9401-1 google scholar
  • Karaa, İ. E., & Kuğu, T. D. (2016). Determining Advanced and Basic Financial Literacy. EDUCATIONAL SCIENCES: THEORY & PRACTICE, 16(6), 1865-1891. doi:10.12738/estp.2016.6.0415 google scholar
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There are 83 citations in total.

Details

Primary Language English
Subjects Law in Context
Journal Section Research Article
Authors

Umut Burak Geyikci 0000-0002-4285-2151

Ahmet Tuğçin Uzuner This is me 0000-0003-0085-1625

Seniye Geyikçi This is me 0000-0002-6837-176X

Publication Date June 30, 2021
Submission Date March 15, 2021
Published in Issue Year 2021 Volume: 9 Issue: 1

Cite

APA Geyikci, U. B., Uzuner, A. T., & Geyikçi, S. (2021). Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country. Journal of Penal Law and Criminology, 9(1), 135-158.
AMA Geyikci UB, Uzuner AT, Geyikçi S. Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country. Journal of Penal Law and Criminology. June 2021;9(1):135-158.
Chicago Geyikci, Umut Burak, Ahmet Tuğçin Uzuner, and Seniye Geyikçi. “Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country”. Journal of Penal Law and Criminology 9, no. 1 (June 2021): 135-58.
EndNote Geyikci UB, Uzuner AT, Geyikçi S (June 1, 2021) Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country. Journal of Penal Law and Criminology 9 1 135–158.
IEEE U. B. Geyikci, A. T. Uzuner, and S. Geyikçi, “Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country”, Journal of Penal Law and Criminology, vol. 9, no. 1, pp. 135–158, 2021.
ISNAD Geyikci, Umut Burak et al. “Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country”. Journal of Penal Law and Criminology 9/1 (June 2021), 135-158.
JAMA Geyikci UB, Uzuner AT, Geyikçi S. Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country. Journal of Penal Law and Criminology. 2021;9:135–158.
MLA Geyikci, Umut Burak et al. “Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country”. Journal of Penal Law and Criminology, vol. 9, no. 1, 2021, pp. 135-58.
Vancouver Geyikci UB, Uzuner AT, Geyikçi S. Determination of the Financial Literacy Characteristics of Prisoners: The Case of Turkey, a Developing Country. Journal of Penal Law and Criminology. 2021;9(1):135-58.