A Research on the Effect of Consumers' Demographic Characteristics on Their Financial Literacy Level

Abstract

As financial markets have evolved, complex financial products and services have emerged that are difficult to understand for uninformed consumers. The liberalization of the market with such complex products and services and the increasing need for financial information due to increased competition have led researchers to focus on measuring the effects of financial literacy on financial decisions. In this measurement, researchers draw attention to the fact that many factors can be effective on financial literacy. Demographics are one of these factors, and there are many indications of its impact on financial literacy. In this study, it was aimed to determine the effects of demographic characteristics of undergraduate and associate degree students continuing their education at Konya Technical University on their financial literacy levels. Demographic characteristics such as gender, age, education level, and income status were discussed. Convenience sampling method, which is one of the non-random sampling techniques, was used in the study. 362 questionnaires were included in the study. As a result, it has been determined that demographic characteristics are effective on financial literacy.

Keywords

• Consumer
• Demographics
• Financial Literacy

Tüketicilerin Demografik Özelliklerinin Finansal Okuryazarlık Düzeylerine Etkisi Üzerine Bir Araştırma

Öz

Finansal piyasalar geliştikçe, yeterli bilgi düzeyine sahip olmayan tüketiciler için anlaşılması zor olan karmaşık finansal ürün ve hizmetler ortaya çıkmıştır. Piyasanın bu kadar karmaşık ürün ve hizmetlerle serbestleşmesi ve artan rekabet nedeniyle finansal bilgiye olan ihtiyacın artması, araştırmacıların finansal okuryazarlık düzeyinin finansal kararlar üzerindeki etkilerini ölçmeye odaklanmasını sağlamıştır. Bu ölçümde araştırmacılar birçok faktörün finansal okuryazarlık üzerinde etkili olabileceğine dikkat çekmektedir. Demografik özellikler bu faktörlerdendir ve finansal okuryazarlık üzerindeki etkisine dair birçok gösterge vardır. Bu çalışmada, Konya Teknik Üniversitesi' nde eğitimlerine devam eden lisans ve önlisans öğrencilerinin demografik özelliklerinin finansal okuryazarlık düzeylerine etkisinin belirlenmesi amaçlanmıştır. Demografik özelliklerden cinsiyet, yaş, eğitim durumu ve gelir durumu ele alınmıştır. Araştırmada tesadüfi olmayan örnekleme tekniklerinden biri olan kolayda örnekleme yöntemi kullanılmıştır. Araştırmaya 362 anket dahil edilmiş ve analizleri yapılmıştır. Analizlerde SPSS 25.0 programı kullanılmıştır. Sonuç olarak, demografik özelliklerin finansal okuryazarlık üzerinde etkili olduğu tespit edilmiştir

Anahtar Kelimeler

• Tüketici
• Demografik Özellikler
• Finansal Okuryazarlık

References

1. Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2013). Financial literacy among working young in urban India. Indian Institute of Management Ahmedabad, WP, 10, 02.
2. Alkara, İ. (2021). Sosyal medya kullanımının tüketici davranışları üzerindeki etkisi: Bilecik Bursa Eskişehir örneği. IBAD Sosyal Bilimler Dergisi, (9), 415-446.
3. Allgood, S., & Walstad, W. (2013). Financial literacy and credit card behaviors: A cross-sectional analysis by age. Numeracy, 6(2), 3.
4. Almenbergh, J., & Söderbergh, J. S. (2011). Financial literacy and retirement planning in Sweden. Netspar Discussion Paper.
5. Baker, R. (1991). The reliability and criterion validity of a measure of patients' satisfaction with their general practice. Fam Pract, 8(2), 171–7.
6. Beal, D., & Delpachitra, S.B. (2003). Financial literacy among Australian University Students. Economic Papers, 22, 65–78.
7. Beichar, A. (2018). A study on the relationship of financial literacy and individual financial decisions. (Master Thesis, Cukurova University).
8. Chen, H., & Volpe, R.P. (2002). Gender differences in personal financial literacy among college students. Financial Services Review, 11, 289–307.

9. Cronbach, L. (1951). Coefficient alpha and the internal structure of tests. Psychomerika, 16, 297-334.
10. De Bassa Scheresberg, C. (2013). Financial literacy and financial behavior among young adults: Evidence and implications. Numeracy, 6(2), 5.
11. Doğan, M. (2016). Davranışsal finans eğilimleri ile bireysel emeklilik fon tercihleri arasındaki ilişkinin test edilmesi: Türkiye’deki banka çalışanları üzerine bir uygulama. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 339-357.
12. Doğan, M. (2019). Türkiye Finansal Okuryazarlık Araştırması. Third Sector Social Economic Review, 54(4), 1602-1620.
13. Ferguson, R.W.Jr. (2002). Reflections of financial literacy. National Council on Economic Education. Washington, D. C.
14. Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173-186.
15. Gramlich, E.M. (2002). Financial literacy teacher training workshop. University of Illinois at Chicago.
16. Grohmann, A. (2018). Financial literacy and financial behavior: Evidence from the Emerging Asian Middle Class. Pacific-Basin Finance Journal, 48(C), 129-143.
17. Harputlu, M. S., & Kendirli, S. (2019). An assessment on the financial literacy level of generation z. 3rd International Conference on Economic Research, 24-25th October 2019, Alanya, Turkey.
18. Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5, 347-373.
19. Huston, S.J. (2010). Measuring financial literacy. The Journal of Consumer Affairs, 44(2), 296-316.
20. Jariwala, H., & Sharma, M., (2011). Financial literacy: A call for an attention. Conference on Inclusive & Sustainable Growth Role of Industry. Government and Society Conference Proceedings.
21. Jiang, J., Liao, L., Wang, Z., & Xiang, H. (2020). Financial literacy and retail investors' financial welfare: Evidence from mutual fund investment outcomes in China. Pacific Basin Finance Journal, 59, 1-25.
22. Kevser, M., & Doğan, M. (2021). Islamic financial literacy and its determinants: A field study on Turkey. Journal Transition Studies Review, 28(1), 91-120.
23. Lin, C., Hsiao, Y. J., & Yeh, C. Y. (2017). Financial literacy, financial advisors, and information sources on. Pacific-Basin Finance Journal, 43, 218-237.
24. Lusardi, A. (2008). Financial literacy: An essential tool for informed consumer choice? National Bureau of Economic Research.
25. Lusardi, A. (2012). Numeracy, financial literacy, and financial decision-making. Scholar Commons, 1(5), 1-12.
26. Lusardi, A., & Mitchell, O. (2007). Financial literacy and retirement planning: New evidence from the Rand American life panel. University of Michigan Retirement Research Center, Working Paper, 157.
27. Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: An overview. 17107, Nber Working Paper Series.
28. Lusardi, A., Hasler, A., & Yakoboski, P. J. (2021). Building up financial literacy and financial resilience. Mind & Society, 20, 181-187.
29. Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of consumer affairs, 44(2), 358-380.
30. Mouna, A., & Anis, J. (2017). Financial literacy in Tunisia: Its determinants and its implications on investment behavior. Research in International Business and Finance, 39, 568-577.
31. Niu, G., Zhou, Y., & Gan, H. (2020). Financial literacy and retirement preparation in China. Pacific-Basin Finance Journal, 59, 1-17.
32. OECD. (2015). Toolkit for measuring financial literacy and financial inclusion. https://www.oecd.org/daf/fin/financial education/2015_OECD_INFE_Toolkit_Measuring_Financial_Literacy.pdf
33. OECD-INFE. (2020). OECD/INFE 2020 International survey of adult financial literacy.
34. Opletalova, A. (2015). Financial education and financial literacy in the Czech education system. Procedia - Social and Behavioral Sciences, 171, 1176–1184.
35. Polat, A., Faruk, A., Alkara, İ., & Türker, Y. (2020). Bitcoin’in yeni bir finansal ürün olarak benimsenmesi ve yaygınlaşmasında destekleyici ve engelleyici olan unsurlar: Banka çalışanları üzerine bir araştırma. Finansal Araştırmalar ve Çalışmalar Dergisi, 12(23), 550-584.
36. Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs, 44(2), 276-295.
37. Sekita, S. (2011). Financial literacy and retirement planning in Japan. Journal of Pension Economics & Finance, 10(4), 637-656.
38. Van Rooij, M. C. J., Lusardi, A., & Alessie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32(4), 593-608.
39. Wagland, S. P., & Taylor, S. (2009). When it comes to financial literacy, is gender really an issue? Australasian Accounting Business and Finance Journal, 3(1).13-25.