Open AccessDETERMINANTS OF THE LEVEL OF FINANCIAL LITERACY IN TURKEY
Author(s) -
Hatice Düzakın,
Süreyya YILMAZ ÖZEKENCİ
Publication year - 2021
Publication title -
copernican journal of finance and accounting
Language(s) - English
Resource type - Journals
eISSN - 2300-1240
pISSN - 2300-3065
DOI - 10.12775/cjfa.2021.001
Subject(s) - financial literacy , marital status , socioeconomic status , logistic regression , ordered logit , logit , sample (material) , literacy , educational attainment , demographic economics , psychology , demography , economics , finance , sociology , econometrics , economic growth , statistics , mathematics , population , chemistry , chromatography
The main objective of this study was to explain individuals’ financial literacy levels through socioeconomic and demographic variables. A random sample of 1000 participants was recruited from Turkey. As an indicator of the financial literacy level, a measure with three constructs was adopted: financial attitude, financial behaviour and financial knowledge. Logit model was estimated from these explanatory variables: gender, age, marital status, number of family members, education, income, number of persons with income, household income and working conditions. In the logit model results, the effect of gender, age and education was statistically significant and positive. The results emphasized that there is a relationship between financial literacy level and gender, age and education. Additionally, the results of this study indicated that the level of financial literacy is 52.9% in Turkey.