Overview of Concepts Covered Financial Literacy in Education

Year 2021, Volume: 23 , 47 - 50, 31.12.2021

Erol Kocoglu

https://doi.org/10.55549/epess.1051096

Abstract

Financial literacy is a complex structure that includes many attitudes and behaviors, including financial knowledge and skills, as well as access to financial services. There are many definitions of financial literacy in the literature because it contains many knowledge, skills and attitudes and has a complex structure. Financial literacy can be defined as the ability of individuals to have information about key financial concepts such as budgeting, savings, borrowing and investment and to use this information in their decisions. Also, financial literacy is the ability to use basic economic and financial concepts as well as the knowledge and skill to manage financial resources for a lifetime of financial well-being. Two basic elements stand out in financial literacy. The first is that consumers have the knowledge and skills to use financial resources effectively in order to ensure and maintain their financial well-being, and the second is that consumers have the self-confidence and motivation to evaluate this knowledge and skill. From this point of view, this study aims to evaluate the concepts of financial literacy, which has become increasingly important in the education process in recent years, with the support of literature. The reflections of these concepts in the education process were interpreted by the researcher and suggestions were developed regarding the study subject.

Keywords

Education, Finance, Financial Literacy, Assessment.

References

• Alkaya, A., & Yağlı, İ. (2015). Finansal okuryazarlık-finansal bilgi, davranış ve tutum: Nevşehir Hacı Bektaş Veli Üniversitesi İİBF öğrencileri üzerine bir uygulama. Journal of International Social Research, 8(40), 585-599.
• Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27-40.
• Fettahoğlu, S., & Kıldıze, D. (2019). Dijital finansal okuryazarlık ve bireylerin finansal teknoloji kullanma konusundaki tutumları. OPUS Uluslararası Toplum Araştırmaları Dergisi, 12, 867-889.
• Hung, A., Parker, A. M., & Yoong, J., (2009). Defining and measuring financial literacy. RAND Working Paper Series WR-708, Available at SSRN: https://ssrn.com/abstract=1498674 or http://dx.doi.org/10.2139/ssrn.1498674.
• Karasar, N. (2005). Bilimsel araştırma yöntemi. Nobel Yayın Dağıtım.
• Morgan, P. J., Huang, B., & Trinh, L. Q. (2019). The need to promote digital financial literacy for the digital age. In The Dıgıtal Age.
• OECD/INFE (2015). Core competencies framework on financial literacy for youth. https://www.oecd.org/finance/Core-Competencies-Framework-Youth.pdf (retreived 3 November 2021).
• Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of consumer affairs, 44(2), 276-295.
• Türkiye Cumhuriyet Merkez Bankası (TCMB, 2017). Bülten 48. https://www.tcmb.gov.tr/wps/wcm/connect/70fb4ac1-4be1-4ce4-8276-4b87c02962cf/Bulten_48.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-70fb4ac1-4be1-4ce4-8276-4b87c02962cf-m8AjSgi (retreived 3 November 2021)
• Yıldırım, A., & Şimşek, H. (2013). Sosyal bilimlerde nitel araştırma yöntemleri. Seçkin Yayıncılık.