The Mediating Role of Financial Literacy in the Effect of Financial Risk Perception on Behavioral Finance Tendency in Investments

Abstract

This study examines how financial risk perception influences behavioral finance tendencies in investment decisions and explores the mediating role of financial literacy in this process. Behavioral finance addresses the irrational behaviors that affect individuals' investment decisions and the psychological factors underlying these behaviors. Financial risk perception reflects how individuals respond to uncertainty and risk; financial literacy enhances their ability to understand and manage these risks. The study provides a detailed analysis of the relationship between financial risk perception and behavioral finance tendencies, as well as the mediating role of financial literacy, in light of theoretical and empirical literature. The collected data were analyzed using SPSS and AMOS software. The findings of this study support the impact of financial literacy and financial risk perception on behavioral tendencies in investment decisions, demonstrating that financial literacy may assume a mediating role in this process. The results of the Structural Equation Modelling (SEM) reveal that financial risk perception has a direct effect on behavioral finance tendencies and that financial literacy positively shapes this effect.

Keywords

• Financial Risk Perception
• Behavioral Finance Tendency
• Financial Literacy

Finansal Risk Algısının Yatırımlarda Davranışsal Finans Eğilimi Üzerindeki Etkisinde Finansal Okuryazarlığın Aracı Rolü

Öz

Bu çalışma, finansal risk algısının yatırım kararlarında davranışsal finans eğilimlerini nasıl etkilediğini ve finansal okuryazarlığın bu süreçteki aracı rolünü incelemektedir. Davranışsal finans, bireylerin yatırım kararlarını etkileyen irrasyonel davranışları ve bu davranışların altında yatan psikolojik faktörleri ele alır. Finansal risk algısı, bireylerin belirsizlik ve risk karşısında nasıl tepki verdiklerini ifade ederken, finansal okuryazarlık bireylerin bu riskleri anlama ve yönetme yeteneğini artırır. Çalışma, finansal risk algısı ile davranışsal finans eğilimleri arasındaki ilişkiyi ve bu süreçte finansal okuryazarlığın aracı rolünü teorik ve ampirik literatür ışığında detaylı bir şekilde analiz etmektedir. Elde edilen veriler SPSS ve AMOS programlarıyla analiz edilmiştir. Bu çalışmanın bulguları, finansal okuryazarlık ve finansal risk algısının yatırım kararları üzerindeki davranışsal eğilimler üzerindeki etkisini desteklemekte ve finansal okuryazarlığın bu süreçte aracı bir rol üstlenebileceğini göstermektedir. Yapısal Eşitlik Modellemesi (YEM) sonuçları, finansal risk algısının davranışsal finans eğilimleri üzerinde doğrudan bir etkisi olduğunu ve finansal okuryazarlığın bu etkiyi olumlu yönde şekillendirdiğini ortaya koymaktadır.

Anahtar Kelimeler

• Finansal Risk Algısı
• Davranışsal Finans Eğilimi
• Finansal Okuryazarlık

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