Financial Literacy among Turkish College Students: The Role of Formal Education, Learning Approaches, and Parental Teaching

Abstract

This study assessed financial literacy and its correlates among Turkish college students, with special emphasis on the role of formal education, learning approaches, and parental influences. Financial literacy was measured by the College Student Financial Literacy Survey, which assesses knowledge in four areas: general financial management, saving and borrowing, insurance, and investing. 853 Turkish university students were administered the survey (416 men, 437 women; M age = 20.3 yr., SD = 0.6). The mean percentage of correct responses was 45% (SD = 12.8%). Regression results showed that formal finance education in college, a deep approach to learning, and direct financial teaching by parents were significantly associated with higher financial literacy scores.

An investigation of financial literacy, money ethics and time preferences among college students

“…Chen and Volpe, 1998, 2002; Jorgensen and Savla, 2010; Peng et al , 2007; Shim et al , 2010). In one of the rare studies on Turkish university students, Akben-Selcuk and Altiok-Yilmaz (2014) also demonstrated that parental income, gender and class standing significantly affect objective financial knowledge scores. Hence it is essential to incorporate socio-demographics into our conceptual model.…”

Perspective of Financial Literacy on Agribusiness Performance in Uganda; A Close Look at Farmers’ Attitude and Social Media Platforms

“…These helped to determine the basic knowledge on financial literacy among agribusiness practitioners [9]. In line with Nyupriya and Rekha [26], the researcher identified budgeting and savings policies in the ministry Debt knowledge being associated with sector, occupations, level of management and level of financial education [13], and clear record keeping in accounting systems to support financial performance.…”

“…We nail financial literacy to hold farmers to manage their agricultural systems well [3]. We observe financial literacy as not only mean to make a profit but equally minimising losses [13]. Farmers situations are at times delicate, what becomes critical is to make a rational decision at the right moment.…”

“…Thus, there is considerable evidence suggesting that the Knowledge Spillover theory of Entrepreneurship holds for agribusiness farmers as well as for other industries. According to Elif Akben Selcuk [13], the basic argument is that knowledge created endogenously through research and development results into knowledge spillovers. Thus such spillovers can give rise to opportunities for appreciating financial information for health agribusiness performance.…”

“…For one to do this it requires financial literacy. We present financial information and awareness programs in agricultural practice as fundamental for food security; it improves on cultivation, harvesting and storage that reduces famine and improves the nation's all-round wealth [13]. Thus positions financial literacy as a critical factor in improving the quality of life and enhancing financial inclusion in Uganda.…”