BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI

Yusuf Bahadır Kavas; Mustafa Kenan Erkan

BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI

Öz

Bu çalışma finansal okuryazarlık düzeyinin finansal risk iştahı üzerindeki etkilerinin belirlenmesi ve demografik değişkenler arasında finansal okuryazarlık düzeyinde ve finansal risk iştahında oluşabilecek farklılıkların tespiti amacıyla yapılmıştır. Anket aracılığıyla kişilerin finansal risk iştahları ve finansal okuryazarlık düzeyleri belirlenmeye çalışılmıştır. Bu kapsamda toplamda 448 adet katılımcı çalışmaya katılmıştır. Çalışmadan elde edilen bulgulara göre bireylerin finansal okuryazarlık düzeyleri finansal risk iştahlarını etkilemektedir. Finansal okuryazarlık düzeyi arttıkça bireylerin finansal risk alma iştahının arttığı belirlenmiştir. Erkeklerin finansal okuryazarlık düzeyleri ve finansal risk iştahları kadınlarınkinden yüksektir. Evli olanların bekârlara kıyasla finansal okuryazarlık seviyesinde anlamlı farklılığın olduğu ve evli olanların bekâr olanlardan daha yüksek finansal okuryazar olduğu söylenebilir. Evli ve bekârların finansal risk iştahlarında anlamlı farklılık bulunmamıştır. Yaşın, eğitim seviyesinin, çocuk sahibi olmanı ve gelir düzeyinin finansal okuryazarlık seviyesinde anlamlı farklılık oluşturduğu; ancak finansal risk iştahı almada bireyler arasında anlamlı farklılığın oluşmadığı görülmüştür. Bu sonuçtan hareketle demografik değişkenlerin finansal okuryazarlık seviyelerinde önemli farklılıkları oluşturduğunu ancak cinsiyet dışındaki diğer demografik değişkenlerin finansal risk iştahında anlamlı bir farklılık oluşturmadığı ifade edilebilir. Bunun yanında finansal okuryazarlık düzeylerindeki artış ile bireylerin kendilerine daha fazla güven duydukları düşünülmektedir. Kendilerine daha fazla güvenen bireylerin finansal risk alma konusunda daha cesaretli davrandıkları çıkarımı yapılabilir.

Anahtar Kelimeler

Finans, Finansal risk alma; Finansal okuryazarlık, Risk toleransı, Demografik değişkenler.

Kaynakça

Abreu, M., and Mendes, V. (2010). Financial literacy and portfolio diversification. Quantitative Finance, 10(5), 515–528.
Almenberg, J. and Säve-Söderbergh, J. (2011). Financial literacy and retirement planning in Sweden. Journal of Pension Economics and Finance, 10(4), 585–598.
Amagir, A., Groot, W., Maassen van den Brink, H. and Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56–80.
Anbar, A. ve Melek, E. (2010). An empirical investigation for determining of the relation between personal financial risk tolerance and demographic characteristic. Ege Akademik Bakış Dergisi, 10(2), 503–522.
Anwar, M., Khan, S. Z. and Rehman, A. U. (2017). Financial literacy, behavioral biases and ınvestor’s portfolio diversification: empirical study of an emerging stock market. Journal of Finance and Economics Research, 2(2), 144–163.
Atkinson, A. and Messy, F.-A. (2012). Measuring financial literacy: results of the OECD/ International Network on Financial Education (INFE) pilot study, 15, 1-73
Bajo, E., Barbi, M., and Sandri, S. (2015). Financial literacy, households’ investment behavior, and risk propensity. Journal of Financial Management, Markets and Institutions, 3(1), 157–174.
Baker,H.K. and Haslem,J.A.(1974).The impact of investor socioeconomic characteristics on risk and return preferences. Journal of Business Research, 2(4), 469–476.
Bannier, C. E. and Neubert, M. (2016). Gender differences in financial risk taking: The role of financial literacy and risk tolerance. Economics Letters, 145, 130–135.
Bayar, Y., Sezgin, H. F., Öztürk, Ö. F. ve Şaşmaz, M. Ü. (2020). Financial literacy and financial risk tolerance of ındividual ınvestors: multinomial logistic regression approach. SAGE Open, 10(3), 1-11

Bertaut, C. C. (1998). Stockholding behavior of US households: evidence from the 1983– 1989 survey of consumer finances. Review of Economics and Statistics, 80(2), 263–275.
Bhatt,A. and Bhatt, S. (2020). Financial literacy and portfolio diversification: an empirical study in Ahmedabad. The Journal of Wealth Management, 23(1), 98–111.
Biçer, E. B. ve Altan, F. (2016). Üniversite öğrencilerinin finansal okuryazarlık ile ilgili tutum ve davranışlarının değerlendirilmesi. Journal of Graduate School of Social Sciences, 20(4), 1501-1517
Bradley, M. G. and Grahamt, J. W. (1988). Education and asset composition. Economics of Education Review, 7(2), 209–220.
Briers, B., Pandelaere, M., Dewitte, S., and Warlop, L. (2006). Hungry for money: The desire for caloric resources increases the desire for financial resources and vice versa. Psychological Science, 17(11), 939–943.
Bucher-Koenen, T. and Lusardi, A. (2011). Financial literacy and retirement planning in Germany. National Bureau of Economic Research, 10 (4), 565-584
Calvet, L. E., Campbell, J. Y. and Sodini, P. (2009). Fight or flight? Portfolio rebalancing by individual investors. The Quarterly Journal of Economics, 124(1), 301–348.
Campbell, J. Y., and Viceira, L. M. (1999). Consumption and portfolio decisions when expected returns are time varying. The Quarterly Journal of Economics, 114(2), 433–495.
Christelis, D., Jappelli, T. and Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18–38.
Coates, J. M., and Herbert, J. (2008). Endogenous steroids and financial risk taking on a London trading floor. Proceedings of the National Academy of Sciences, 105(16), 6167–6172.
Durmuşkaya, S. ve Kavas, Y. (2018). Akademik gelişim ve finansal okuryazarlık arasındaki ilişkinin tespiti üzerine bir araştırma. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(3), 925–939.
Fonseca, R., Mullen, K. J., Zamarro, G. and Zissimopoulos, J. (2012). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, 46(1), 90–106.
Gibson, R., Michayluk, D. and Van de Venter, G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review, 22 (1), 23-50
Goetzmann, W. N. and Kumar, A. (2008). Equity portfolio diversification. Review of Finance, 12(3), 433–463.
Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625– 630.
Grable, J. E. and Joo, S.-H. (2004). Environmental and biophysical factors associated with financial risk tolerance. Journal of Financial Counseling and Planning, 15(1),73-82
Grable, J. E. and Joo, S. (1999). Factors related to risk tolerance: A further examination. Consumer Interests Annual, 45(1), 53–58.
Grable, J. E. and Lytton, R. H. (1998). Investor risk tolerance: Testing the efficacy of demographics as differentiating and classifying factors. Journal of Financial Counseling and Planning, 9(1), 61–74.
Grable, J. and Lytton, R. H. (1999). Financial risk tolerance revisited: the development of a risk assessment instrument. Financial Services Review, 8(3), 163–181.
Gürbüz, S. ve Şahin, F. (2014). Sosyal bilimlerde araştırma yöntemleri, 1. Baskı, Ankara: Seçkin Yayıncılık, 271.
Hendrawaty, E., Irawati, N. and Sadalia, I. (2020). Financial literacy, demographic differences and financial risk tolerance level: A case study. Journal of Security and Sustainability Issues, 9, 187–201.
Jonubi, A. and Abad, S. (2013). The impact of financial literacy on individual saving: an exploratory study in the Malaysian context. Transformations in Business and Economics, 12(1), 28, 41-55
Kannadhasan, M. (2015). Retail investors’ financial risk tolerance and their risk-taking behaviour: The role of demographics as differentiating and classifying factors. IIMB Management Review, 27(3), 175–184.
Karasar, N. (2011). Bilimsel Araştırma Yöntemleri. Ankara: Nobel Yayınları.
Kılıç,Y.,Ata, H.A. ve Seyrek,İ. H.(2015). Finansal okuryazarlık: Üniversite öğrencilerine yönelik bir araştırma. Muhasebe ve Finansman Dergisi, 66, 129–150.
Klapper, L. and Panos, G. A. (2011). Financial literacy and retirement planning: The Russian case. Journal of Pension Economics and Finance, 10(4), 599 618
Knutson, B., Taylor, J., Kaufman, M., Peterson, R. and Glover, G. (2005). Distributed neural representation of expected value. Journal of Neuroscience, 25(19), 4806– 4812.
Koot, S., Zoratto, F., Cassano, T., Colangeli, R., Laviola, G., Van Den Bos, R. andAdriani, W. (2012). Compromised decision-making and increased gambling proneness following dietary serotonin depletion in rats. Neuropharmacology, 62(4), 1640- 1650
Li, J., Li, Q. and Wei, X. (2020). Financial literacy, household portfolio choice and investment return. Pacific-Basin Finance Journal, 62, 1-15
Lusardi, A. and Mitchell, O. S. (2007). Financial literacy and retirement planning: New evidence from the Rand American Life Panel. Michigan Retirement Research Center Research Paper No. WP, 157,1-36
Lusardi, A. and Mitchell, O. S. (2011a). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance, 10(4): 509-525.
Lusardi, A. and Mitchell, O. S. (2011b). Financial literacy around the world: an overview. Journal of Pension Economics and Finance, 10(4): 497-508.
Lusardi, A. and Mitchell, O. S. (2012). Numeracy, financial literacy, and financial decision-making. In journal of economic literature National Bureau of Economic Research, 52(1), 1-15
Lusardi, A. and Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Lusardi, A., Mitchell, O. S. and Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358–380.
Montford, W., and Goldsmith, R. E. (2016). How gender and financial self-efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1),101-106
Mouna, A. and Jarboui, A. (2015). Financial literacy and portfolio diversification: an observation from the Tunisian stock market. International Journal of Bank Marketing, 33, 808-822
Mwangi, E. and Onsomu, Z. (2018). Effect of financial literacy on portfolio diversification at the Nairobi securities exchange market, Kenya. Journal of Finance and Investment Analysis, 7(4), 1–3.
Niu, G., Zhou, Y. and Gan, H. (2020). Financial literacy and retirement preparation in China. Pacific-Basin Finance Journal, 59,1-17
Preston, A. C., and Wright, R. E. (2019). Understanding the gender gap in financial literacy: Evidence from Australia. Economic Record, 95, 1–29.
Robinson, S., Walton, R. J., Clark, P. M., Barker, D. J. P., Hales, C. N. and Osmonde, C. (1992). The relation of fetal growth to plasma glucose in young men. Diabetologia, 35(5), 444–446.
Rolison, J. J., Hanoch, Y., Wood, S. and Liu, P.-J. (2013). Risk-taking differences across the adult life span: a question of age and domain. Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 69(6), 870–880.
Ryack, K. (2011). The impact of family relationships and financial education on financial risk tolerance. Financial Services Review, 20(3), 181-193
Şamiloğlu, F., Kahraman, Y. E. ve Bağcı, H. (2016). Finansal okuryazarlık araştırması: Erciyes Üniversitesi öğrencileri üzerinde bir uygulama. Uluslararası Yönetim İktisat ve İşletme Dergisi, 30, 308–318.
Sekita, S. (2011). Financial literacy and retirement planning in Japan, Journal of Pension Economics and Finance, 10(4), 637-656.
Senda, D. A., Rahayu, C. W. E., and Rahmawati, C. H. T. (2020). The effect of financial literacy level and demographic factors on investment decision. Media Ekonomi Dan Manajemen, 35(1), 100–111.
Stella, G. P., Filotto, U., Cervellati, E. M. and Graziano, E. A. (2020). The effects of financial education on financial literacy in Italy. International Business Research, 13(4), 1–44.
Sulaiman, E. K. (2012).An empirical analysis of financial risk tolerance and demographic features of individual investors. Procedia Economics and Finance, 2, 109–115.
Taft, M. K., Hosein, Z. Z., Mehrizi, S. M. T. and Roshan, A. (2013). The relation between financial literacy, financial wellbeing and financial concerns. International Journal of Business and Management, 8(11), 63.
Van Rooij, M. C. J., Lusardi, A. and Alessie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32(4), 593–608.
Van Rooij, M., Lusardi, A. and Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472.
Volpe, R. P., Kotel, J. E. and Chen, H. (2002). A survey of investment literacy among online investors. Journal of Financial Counseling and Planning, 13(1), 1-16
Von Gaudecker, H.-M. (2015). How does household portfolio diversification vary with financial literacy and financial advice? The Journal of Finance, 70(2), 489-507
Wang, A. (2009). Interplay of investors’ financial knowledge and risk taking. The Journal of Behavioral Finance, 10(4), 204–213.
Watanapongvanich, S., Binnagan, P., Putthinun, P., Khan, M. S. R. and Kadoya, Y. (2020). Financial literacy and gambling behavior: evidence from Japan. Journal of Gambling Studies, 37 (2), 445-465.
Wong,A. and Carducci, B. (2013). Does personality affect personal financial risk tolerance behavior? IUP Journal of Applied Finance, 19(3), 5-19
Yıldırım, M., Bayram, F., Oğuz, A. and Günay, G. (2017). Financial literacy level of individuals and its relationships to demographic variables. Mediterranean Journal of Social Sciences, 8(3), 19-26

Ayrıntılar

Birincil Dil

Türkçe

Konular

-

Bölüm

Araştırma Makalesi

Yazarlar

Yusuf Bahadır Kavas
Türkiye

Mustafa Kenan Erkan Bu kişi benim
Türkiye

Yayımlanma Tarihi

3 Mart 2022

Gönderilme Tarihi

19 Aralık 2021

Kabul Tarihi

-

Yayımlandığı Sayı

Yıl 2022 Sayı: 89

IZ

https://izlik.org/JA75SB73KA

APA

Kavas, Y. B., & Erkan, M. K. (2022). BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI. EKEV Akademi Dergisi, 89, 379-399. https://izlik.org/JA75SB73KA

AMA

1.Kavas YB, Erkan MK. BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI. EKEV Akademi Dergisi. 2022;(89):379-399. https://izlik.org/JA75SB73KA

Chicago

Kavas, Yusuf Bahadır, ve Mustafa Kenan Erkan. 2022. “BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI”. EKEV Akademi Dergisi, sy 89: 379-99. https://izlik.org/JA75SB73KA.

EndNote

Kavas YB, Erkan MK (01 Mart 2022) BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI. EKEV Akademi Dergisi 89 379–399.

IEEE

[1]Y. B. Kavas ve M. K. Erkan, “BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI”, EKEV Akademi Dergisi, sy 89, ss. 379–399, Mar. 2022, [çevrimiçi]. Erişim adresi: https://izlik.org/JA75SB73KA

ISNAD

Kavas, Yusuf Bahadır - Erkan, Mustafa Kenan. “BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI”. EKEV Akademi Dergisi. 89 (01 Mart 2022): 379-399. https://izlik.org/JA75SB73KA.

JAMA

1.Kavas YB, Erkan MK. BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI. EKEV Akademi Dergisi. 2022;:379–399.

MLA

Kavas, Yusuf Bahadır, ve Mustafa Kenan Erkan. “BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI”. EKEV Akademi Dergisi, sy 89, Mart 2022, ss. 379-9, https://izlik.org/JA75SB73KA.

Vancouver

1.Yusuf Bahadır Kavas, Mustafa Kenan Erkan. BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI. EKEV Akademi Dergisi [Internet]. 01 Mart 2022;(89):379-9. Erişim adresi: https://izlik.org/JA75SB73KA