Determining Advanced and Basic Financial Literacy Relations and Overconfidence, and Informative Social Media Association of University Students in Turkey

doi:10.12738/estp.2016.6.0415

Cited by 6 publications

(5 citation statements)

References 38 publications

(59 reference statements)

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“…Chang (2005) reports that in the lowest income cohort of respondents, social networks are the most frequently used source of saving and investment information. In a similar vein, Karaa and Kuğu (2016) found that social media usage explains the advanced financial literacy among students in Turkey. However, on the other hand, one may argue that more abundant social networks increase the likelihood of seeking professional financial advice because of the far-reaching professionalisation of the financial domain.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 79%

Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks

Cwynar

Kowerski

et al. 2019

Baltic Journal of Economics

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Professional advice can be perceived as a means to tackle shortcomings in the objectively measured financial literacy of consumers. However, most studies suggest that less financially literate individuals are less likely to seek experts' financial advice. At the same time, it has been shown that financial confidenceor subjectively perceived financial literacyis positively correlated with the propensity to request such professional advice. This study examines these puzzling effects in a sample of 1,055 Facebook users in Poland, and within an analytical framework that allows control of the potential endogeneity of financial literacy to professional advice. A series of regressions applied to the results of our survey showed that objective debt literacya little-studied aspect of financial literacywas insignificant in explaining adviceseeking behaviour, although the decisions to ask for advice were positively dependent on subjective debt literacy. Such outcomes prove that subjective financial literacy should be treated as a separate construct which can predict financial behaviour above and beyond predictions based on objective financial literacy. Our findings also suggest a positive role for social networks in inducing desired financial actions. We found that respondents having access to greater resources embedded in their social networks are more inclined to seek professional debt advice.

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Section: Literature Review and Hypotheses Developmentmentioning

confidence: 79%

Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks

Cwynar

Kowerski

et al. 2019

Baltic Journal of Economics

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“…As a formal knowledge-gathering resource, social media shows a significant correlation with a high level of knowledge among adolescents in South Korea (Sohn et al 2012). Specifically, Karaa and Kuğu (2016) find that individuals who use internetbased social media as an information-gathering source are more knowledgeable, especially when it comes to advanced financial knowledge acquisition. On the other hand, opinions about the effects of informal sources on financial knowledge acquisition are controversial.…”

Section: Information Source and Financial Knowledgementioning

confidence: 89%

“…Many papers have aimed to analyse methods of improving financial literacy and financial market participation. Financial education (Xiao and O'Neill 2016;Rothwell and Wu 2019;Tennyson 2011), mass media (Sohn et al 2012;Karaa and Kuğu 2016;Bogan 2008) and social interaction (Lachance 2014;Bucher-Koenen and Lusardi 2011;Hong et al 2004) are the most analysed.…”

Section: Introductionmentioning

confidence: 99%

Information sources and participation in the Chinese insurance market: knowledge as a mediator

Lyu

Wei

2020

Geneva Pap Risk Insur Issues Pract

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This study analyses the role of insurance knowledge in mediating between various important information sources and insurance market participation using a large and representative national data set from China. We find that all information sources have a significantly positive effect on market participation. However, the insurance knowledge variable demonstrates significantly positive mediation effects only when the predictors are mass media and community outreach. The government can take advantage of disseminating such information via effective media identified in this paper, thereby achieving knowledge enhancement and maintaining the sustainability of the industry. Moreover, we see that the serious problem of agent misselling is also found in China, which has a devastating effect on insurers' and agents' credibility, making any information that they provide unreliable in the eyes of the public.

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“…According to Ref. [ 30 ], there are differences in FL-levels among university students grounded on age, class, and major streams of study. Family and education are the primary sources of information.…”

Section: Literature Reviewmentioning

confidence: 99%

“…In addition, followers of social media users may find material from their friends, official media sources, charitable pages, and accounts. The general public lacks advanced financial understanding, making it difficult for them to understand specific pieces of information or correctly interpret media reports [ 30 ].…”

Section: Literature Reviewmentioning

confidence: 99%

Do we really need financial literacy to access the behavioral dynamics of generation Z? A case of Oman

Khan,

Azad,

Moosa

et al. 2024

Heliyon

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Determining Advanced and Basic Financial Literacy Relations and Overconfidence, and Informative Social Media Association of University Students in Turkey

Cited by 6 publications

References 38 publications

Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks

Debt literacy and debt advice-seeking behaviour among Facebook users: the role of social networks

Information sources and participation in the Chinese insurance market: knowledge as a mediator

Do we really need financial literacy to access the behavioral dynamics of generation Z? A case of Oman

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