FİNANSAL EĞİTİMDEN FİNANSAL OKURYAZARLIĞA: FİNANSAL ÖZ GÜVENİN ARACI ROLÜ

Abstract

Temel finans eğitimine maruz kalma genellikle finansal okuryazarlığın temel bir unsuru olarak kabul edilir. Bu çalışma, üniversite düzeyindeki finans derslerinin öğrencilerin finansal okuryazarlığı üzerindeki etkisini, özellikle finansal özgüvenin aracılık rolüne vurgu yaparak araştırmaktadır. Araştırma, Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi öğrencilerine uygulanan bir anket yoluyla toplanan verileri kullanmaktadır. Anket, 838 öğrenciden oluşan bir örneklemi kapsamaktadır. Toplanan veriler Hayes' PROCESS Model 4 kullanılarak analiz edilmiştir. Bulgular, finans derslerinde başarının finansal okuryazarlık üzerinde olumlu bir etkiye sahip olduğunu ortaya koymaktadır. Dahası, bir finans dersinin başarısının etkisinin bir kısmı finansal özgüvenden geçmektedir. Bu bulgu, finans derslerinin yalnızca teorik eğitimle verilmemesi gerektiğini, aynı zamanda öğrencilerin özgüvenini artıran uygulamaya dayalı yaklaşımları da içermesi gerektiğini göstermektedir.

Keywords

• Finansal Okuryazarlık
• Finans Eğitimi
• Hayes Süreci
• Aracılık Rolü

FROM FINANCIAL EDUCATION TO FINANCIAL LITERACY: MEDIATING ROLE OF FINANCIAL SELF-CONFIDENCE

Abstract

Exposure to basic financial education is commonly regarded as a fundamental element of financial literacy. This study investigates the impact of university-level finance courses on students’ financial literacy with a special emphasis on the mediating role of financial self-confidence. The research utilises data collected through a survey administered to students from the Faculty of Economics and Administrative Sciences at Afyon Kocatepe University. The survey encompassed a sample of 838 students. The collected data were analysed using Hayes' PROCESS Model 4. The findings reveal that success in finance courses has a positive effect on financial literacy. Moreover, part of the effect of a finance course's success is passed through financial self-confidence. This finding suggests that finance courses should not be delivered solely through theoretical instruction, but should also incorporate practice-based approaches that enhance students' self-confidence.

Keywords

• Financial Literacy
• Financial Education
• Hayes Process
• Mediating Role

References

1. Abhayawansa, S., Abad-Segura, E., & González-Zamar, M. D. (2019). Effects of Financial Education and Financial Literacy on Creative Entrepreneurship: A Worldwide Research, Education Sciences, September. https://doi.org/10.3390/educsci9030238
2. Agnew, S. & Harrison, N. (2015). Financial Literacy and Student Attitudes to Debt: A Cross National Study Examining The Influence of Gender on Personal Finance Concepts, Journal of Retailing and Consumer Services, May, 122–129. https://doi.org/10.1016/j.jretconser.2015.04.006
3. Akbari, O. & Sahibzada, J. (2020). Students’ Self-Confidence and Its Impacts on their Learning Process, American International Journal of Social Science Research, https://doi.org/10.46281/aijssr.v5i1.462
4. Almenberg, J. & Dreber, A. (2015). Gender, Stock Market Participation and Financial Literacy, Economics Letters, 140–142. December, https://doi.org/10.1016/j.econlet.2015.10.009
5. Anand, S., Mishra, K., Verma, V., & Taruna, T. (2020). Financial Literacy as a Mediator of Personal Financial Health during COVID-19: A Structural Equation Modelling Approach, Emerald Open Research, December. https://doi.org/10.35241/emeraldopenres.13735.1
6. Ateş, S. (2014). Finansal Okuryazarlık ve Davranışsal Önyargılar: Bireysel Hisse Senedi Yatırımcısı Üzerine Ampirik Bir Çalışma. Yayımlanmamış Yüksek Lisans Tezi, Galatasaray Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
7. Bağcı, H. ve Arabacı, S.M. (2019). Finansal Okuryazarlık Düzeyinin ve Finansal Okuryazarlığı Etkileyen Faktörlerin Belirlenmesi, Business & Management Studies: An International Journal, Eylül, 68-88. doi:http://dx.doi.org/10.15295/bmij.v7i3.1232
8. Barış, S. (2016). Finansal Okuryazarlık ve Bütçeleme Davranışı: Üniversite Öğrencileri Üzerine Bir Araştırma, TESAM Akademi Dergisi, Temmuz, 13-18.

9. Baron, R.M. & Kenny, D.A. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations, Journal of Pe~nality and Social Psychology Copyright 1986 by the American Psychological Association, Inc., 1173-1182.
10. Bocchialini, E., Ronchini, B. & Francesca Torti, F. (2022). Predicting Students’ Financial Knowledge from Attitude towards Finance, International Journal of Business and Management, 13-33. https://doi.org/10.5539/ijbm.v17n6p13
11. Brugiavini, A., Cavapozzi, D., Padula, M., & Pettinicchi, Y. (2020). On the Effect of Financial Education on Financial Literacy: Evidence from a Sample of College Students, Journal of Pension Economics and Finance, December, 344–352. https://doi.org/10.1017/S1474747218000276
12. Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students, Financial Services Review, 107-128.
13. Çelikten, L. (2020). Marmara Finansal Okuryazarlık Programının Geliştirilmesi ve İlkokul 4. Sınıf Öğrencilerinin Finansal Okuryazarlık Becerilerine Etkisinin İncelenmesi. Yayımlanmamış Doktora Tezi, Marmara Üniversitesi Eğitim Bilimleri Enstitüsü, İstanbul.
14. Demirci, E. (2021). Financial Literacy And Cryptocurrency Participation, Master of Arts in Management Information Systems, Boğaziçi Universty, İstanbul.
15. Dinkova, M., Kalwij, A., & Alessie, R. (2021). Know More, Spend More? The Impact of Financial Literacy on Household Consumption, Economist (Netherlands), September, 469–498. https://doi.org/10.1007/s10645-021-09391-4
16. Erbaş, C. (2020). Yatırımcı Davranış Biçimleri ve Finansal Okuryazarlık İlişkisi Üzerine Bir Araştırma: Samsun İli Örneği. Yayınlanmamış Yüksek Lisans Tezi, Ondokuz Mayıs Üniversitesi, Lisansüstü Eğitim Enstütüsü, Samsun.
17. Erdoğan, C. ve Erdoğan, S. (2018). Finansal Okuryazarlık Düzeyinin Ölçülmesi ve Finansal Eğitimin Finansal Okuryazarlık Düzeyi Üzerine Etkisi: Şırnak Üniversitesi Örneği, Injosos Al-Farabı Internatıonal Journal on Socıal Scıences, 138-159.
18. Goswami, K. C., & Bhuyan, U. (2021). Financial Self-Efficacy: A Mediator Between Financial Risk Tolerance and Financial Literacy of School Teachers, Prajnan, 401-417.
19. Harahap, S., Thoyib, A., Sumiati, S., & Djazuli, A. (2022). The Impact of Financial Literacy on Retirement Planning with Serial Mediation of Financial Risk Tolerance and Saving Behaviour: Evidence of Medium Entrepreneurs in Indonesia, International Journal of Financial Studies, August. https://doi.org/10.3390/ijfs10030066
20. Hayes, A.F., Preacher, K.J. & Myers, T.A. (2011). Mediation and the Estimation of Indirect Effects in Political Communication Research, Mediation and The Estimation of Indirect Effects, 434-465.
21. Hayes, A.F. (2013). Introduction to Mediation, Moderation, and Conditional Process Analysis, A Regression-Based Approach.
22. Herawati, N. T., Dewi, L., Wahyuni, M. A. & Savitri, N. L. A. (2020). Financial Self-Efficacy: A Mediator in Advancing Financial Behaviour among Accounting Students, Journal of Academic Finance, 226-241.
23. Hosein, A. & Harle, B. (2018). The Relationship Between Students’ Prior Mathematical Attainment, Knowledge and Confidence on Their Self-Assessment Accuracy, Studies in Educational Evaluation, 32–41. www.elsevier.com/locate/stueduc
24. Iswari, H. R. (2022). The Role of Financial Literacy on the Financial Performance with Financial Behaviour as a Mediation (Case Study on Creative Industry Startups in Malang), Daengku: Journal of Humanities and Social Sciences Innovation, 688–700. https://doi.org/10.35877/454ri.daengku1134
25. Jacobsen, C. & Correia, J. (2019). Analysis of Financial Literacy in a College Population, Journal of Higher Education Theory and Practice, 11-18.
26. Johan, I., Rowlingson, K., & Appleyard, L. (2021). The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia, Journal of Family and Economic Issues, November, 351–367. https://doi.org/10.1007/s10834-020-09721-9
27. Kendzia, M.J. & Borrero, Y.S. (2022). Financial Literacy among the Youth in Switzerland, Journal of Financial Risk Management, May, 323-341. https://www.scirp.org/journal/jfrm
28. Kenny, D. A., & Judd, C. M. (2014). Power Anomalies in Testing Mediation, Psychological Science, December, 334–339. https://doi.org/10.1177/0956797613502676
29. Khawar, S., & Sarwar, A. (2021). Financial Literacy and Financial Behaviour with the Mediating Effect of Family Financial Socialisation in the Financial Institutions of Lahore, Pakistan, Future Business Journal, July, Https://Doi.Org/10.1186/S43093-021-00064-X
30. Lim, T. S., Mail, R., Abd Karim, M. R., Ahmad Baharul Ulum, Z. K., Jaidi, J., & Noordin, R. (2018). A Serial Mediation Model of Financial Knowledge on the Intention to Invest: The Central Role of Risk Perception and Attitude, Journal of Behavioural and Experimental Finance, December, 74–79. https://doi.org/10.1016/j.jbef.2018.08.001
31. Liu, B., Wang, J., Chan, K. C. & Fung, A. (2020). The İmpact of Entrepreneurs’s Financial Literacy on İnnovation within Small and Medium-Sized Enterprises, International Small Business Journal: Researching Entrepreneurship, 228-246. https://doi.org/10.1177/0266242620959073
32. Lusardi, A. & Mitchell, O. S. (2005). Financial Literacy and Planning: Implications for Retirement Wellbeing, DNB Working Paper, December, 1-36.
33. Lusardi, A. & Mitchell, O.S. (2007). Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education, Business Economics, December, 1-20.
34. Newsom, J. T. (2020). Testing mediation with regression analysis [PDF document], Psy 523/623 Structural Equation Modeling, Portland State University, Spring. https://web.pdx.edu/~newsomj/semclass/ho_mediation.pdf
35. Nogueira, M. C., Almeida, L., & Tavares, F. O. (2025). Financial Literacy, Financial Knowledge, and Financial Behaviours in OECD Countries, Journal of Risk and Financial Management, March, https://doi.org/10.3390/jrfm18030167
36. OECD (2020), PISA 2018 Results (Volume IV): Are Students Smart about Money? PISA, OECD Publishing, Paris, https://doi.org/10.1787/48ebd1ba-en.
37. Özen, E. ve Kaya, Z. (2015,). Finansal Okuryazarlık Seviyesinin Ölçülmesi: Üniversite Öğrencileri Üzerine Bir Araştırma, 19. Finans Sempozyumu Bildiriler Kitabı, Türkiye, Ekim
38. Paylan, M. A., & Kavas, Y. B. (2022). A Study on the Mediating Effect of Financial Literacy Between Personality Traits and Irrational Buying Behaviours, Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 736–746. https://doi.org/10.37880/cumuiibf.1092137
39. Peng, T. C. M., Bartholomae, S., Fox, J. J., & Cravener, G. (2007). The Impact of Personal Finance Education Delivered in High School and College Courses, Journal of Family and Economic Issues, February, 265–284. https://doi.org/10.1007/s10834-007-9058-7
40. Preheim, M., Dorfmeister, J. & Snow, E. (2023). Assessing Confidence and Certainty of Students in an Undergraduate Linear Algebra Course, Journal for STEM Education Research, January, 159–180 https://doi.org/10.1007/s41979-022-00082-6
41. Rooij, M.C.J.V., Lusardi, A. & Alessie, R.J.M. (2011). Financial Literacy and Retirement Planning in the Netherlands, Journal of Economic Psychology, February, 593–608.
42. Saraç, E. (2014). Finansal Okuryazarlık ve Dumlupınar Üniversitesi Öğrencilerinin Finansal Okuryazarlık Düzeylerinin Ölçülmesi Üzerine Bir Araştırma. YayınlanmamışYüksek Lisans Tezi, Dumlupınar Üniversitesi, Sosyal Bilimler Enstitüsü, Kütahya.
43. Shrout, P. E., & Bolger, N. (2002). Mediation in Experimental and Non-Experimental Studies: New Procedures and Recommendations, Psychological Methods, 422-445. http://dx.doi.org/10.1037/1082-989X.7.4.422
44. Son, J., & Park, J. (2019). Effects of Financial Education on Sound Personal Finance in Korea: Conceptualisation of Mediation Effects of Financial Literacy Across Income Classes, International Journal of Consumer Studies, September, 77–86. https://doi.org/10.1111/ijcs.12486
45. Şahin, S.H. (2014). Comparison of Geography Self-Efficacy Levels of Students Taking Geography Course, Üniversitepark Bülten, 19–27. DOI: 10.12973/unibulletin.312.2
46. Tanuwijaya, K., & Setyawan, I. R. (2021). Can Financial Literacy Become an Effective Mediator for Investment Intention? Accounting, 1591–1600. https://doi.org/10.5267/j.ac.2021.5.011
47. Wagner, J. F. (2015). An Analysis of The Effects of Financial Education on Financial Literacy and Financial Behaviours, Unpublished Doctoral Thesis, University of Nebraska-Lincoln, Nebraska.
48. Wagner, J., & Walstad, W. B. (2018). The Effects of Financial Education on Short-Term and Long-Term Financial Behaviours, Journal of Consumer Affairs, Spring, 234–259. https://doi.org/10.1111/joca.12210
49. Wang, G., Zhang, M., & He, B. (2024). Financial Literacy and Investment Returns: The Moderating Effect of Education Level, Finance Research Letters, September, 1-7. https://doi.org/10.1016/j.frl.2024.105781
50. Wann, C. R. (n.d.). The Impact of Teaching Financial Literacy to College Students, July, 1-14. http://ssrn.com/abstract=2815150
51. Xiao, J. J., & Porto, N. (2017). Financial Education and Financial Satisfaction: Financial Literacy, Behaviour, and Capability as Mediators. International Journal of Bank Marketing, August, 805–817. https://doi.org/10.1108/IJBM-01-2016-0009
52. Xue, R., Gepp, A., O’Neill, T. J., Stern, S. S. & Vanstone, B. (2020). Financial literacy and financial strategies: The mediating role of financial concerns. Australian Journal of Management, Vol. 46(3) 437–465
53. Wilson, B. J. (1967). A Measurement of Selected Economıc Understandings of Junior Achievers, The Ohio State University, 11-142.
54. Wann, C. R. (2017). The İmpact of Teaching Financial Literacy to College Students, Journal of Economics and Finance Education, 98–109.
55. Yatbaz, A. ve Çatıkkaş, Ö. (2019). Accounting and Finance Literacy: A Comparative Study, Muhasebe ve Finansman Dergisi, Ağustos, 161-170. DOI: 10.25095/mufad.606011
56. Zhao, H. & Zhang, N. (2021). Financial Literacy or İnvestment Experience: Which is More İnfluential İncryptocurrency İnvestment? Article in International Journal of Bank Marketing, June, DOI: 10.1108/IJBM-11-2020-0552