Research Article
Year 2019,
Volume: 4 Issue: 4, 492 - 503, 31.12.2019
Abstract
Financial literacy
is the ability of an individual to take informed decisions on basic financial
practices. Financial literacy is essential not only for the individual but also
for the development of the markets of a country. Education has to be provided to
the individuals of the lowest position in order to develop the markets of a
country. Thus, providing quality finance education contributes to both the
individual and to the development of the economy of the country of that
individual.
This study
investigates the relation between the financial literacy level and gender of
the individuals. It was attempted to determine whether gender affects the level
of financial literacy and the extent of this effect. In order to test this
relation, an online survey was applied to 602 people living in Turkey and the
sample was selected randomly. A regression analysis was conducted with the
obtained data to determine the existence of the relation and the Anova analysis
was conducted additionally. Then, the direction and level of the data were
found with the correlation analysis. The study found out which gender had more
sufficient financial knowledge and determined the gender of the individuals who
need to get finance education. In addition, the investment knowledge of men and
women were compared and the effect of gender difference on financial literacy
was determined. As a result of the analyses, it was concluded that gender has
no significant effect on financial literacy, that the financial literacy is
affected by financial education and that there will not be any difference
between men and women if women are educated and equipped with financial
information as a part of the society.
Keywords
References
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- ALMENBERG, Johan and A. DREBER, (2012), Gender, Stock Market Participation and Financial Literacy, Working Paper Series in Economics and Finance.
- ALTINTAŞ, Kadir Murat, (2008), “Bireysel Yatırımcılar Açısından Finansal Eğitimin Önemi”, Türk Sigorta Enstitüsü Vakfı Sigorta Araştırma ve İnceleme Yayınları-14.
- ARELLANO, Alfonso, N. CAMARA and D. TUESTA, (2018), “Explaining the Gender Gap in Financial Literacy: The Role of Non-Cognitive Skills”, Economic Notes, 47(2-3), 495-517.
- ATKINSON, Adele and F.-A. MESSY (2012), Measuring Financial Literacy: Results of the OECD/ International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance.
- BARBOZA, Gustavo, C. SMITH and J. G. PESEK (2016), “Assessing Financial Literacy, Gender Gap and Cognitive Differences”, Journal of Financial Education, 42(3-4), 205-242.
- BODIE, Zvi, (2006), A Note on Economic Principles and Financial Literacy, Networks Financial Institute at Indina State University Policy Brief.
- CHEN, Haiyang and R. P. VOLPE, (1998). “An Analysis of Personal Financial Knowledge Among College Students”. Financial Services Review, 7(2), 107-128.
- CHEN, Haiyang and R. P. VOLPE, (2002), “Gender Differences in Personal Financial Literacy Among College Students”, Financial Services Review, 11, 289-307.
- COLE, Shawn, T. SAMPSON and B. ZIA, (2009), Financial Literacy, Financial Decisions and the Demand for Financial Services: Evidence from India and Indonesia, Harvard Business School Working Paper.
- ÇERA, Gentjan and B. TUZI, (2018), Does Gender Matter in Financial Literacy? A Case Study of Young People in Tirana, Scientific papers of the University of Pardubice. Series D, Faculty of Economics and Administration.
- DELAVANDE, Adeline, S. ROHWEDDER and R. WILLIS, (2008), Preparation for Retirement, Financial Literacy and Cognitive Resources, Michigan Retirement Research Center Working Paper, No:190.
- DICK, Christian and L. JAROSZEK, (2013), Knowing What Not to Do: Financial Literacy and Consumer Credit Choices, ZEW Discussion Paper No. 13-027, Mannheim.
- DISNEY, Richard and J. GATHERGOOD, (2011), Financial Literacy and Indebtedness: New Evidence for U.K. Consumers’ Centre for Finance, Credit and Macroeconomics, Working Paper 11/05, University of Nottingham.
- FARRAR, Sue, J. MOIZER, J. LEAN and M. HYDE, (2019), “Gender, Financial Literacy and Preretirement Planning in the UK”, Journal of Women & Aging, 31(4), 319-339.
- FILIPIAK, Ute and Y. M. WALLE, (2015). The Financial Literacy Gender Gap: A Question of Nature or Nurture?, Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 176, Courant Research Centre PEG.
- FODER, 2012-2016, http://www.fo-der.org/category/hakkimizda/, (Accession Date: 29.07.2016)
- FONSECA, Raquel, K. J. MULLEN, G. ZAMARRO and J. ZISSIMOPOULOS, (2012), “What Explains the Gender Gap in Financial Literacy? The Role of Household Decision-Making”, The Journal of Consumer Affairs, 46(1), 90-106.
- HASLER, Andrea and A. Lusardi (2017), “The Gender Gap in Financial Literacy: A Global Perspective”, Global Financial Literacy Excellence Center.
- HATHAWAY, Ian and S. KHATIWADA, (2008), Do Financial Education Programs Work? Working Paper 08-03, Federal Reserve Bank of Cleveland.
- HUSTON, Sandra J. (2010), “Measuring Financial Literacy”. The Journal of Consumer Affairs, 44(2), 296-316.
- KAHRAMAN, Yunus Emre, (2015), “Erciyes Üniversitesi Öğrencileri Üzerinde Finansal Okuryazarlık Araştırması”. Master Thesis, Muğla Sıtkı Koçman Üniversitesi Sosyal Bilimler Enstitüsü, Muğla.
- KLEIN, Valerie, (2007), “Making Sense of Financial Education” PhD Thesis, University of Pennsylvania.
- LONGOBARDI, Sergio, M. M. Pagliuca and A. REGOLI, (2018), “Can Problem-Solving Attitudes Explain the Gender Gap in Financial Literacy? Evidence from Italian Students’ Data”, International Journal of Methodology, 52(4), 1677-1705.
- LUSARDI, Annamaria, (2006), Financial Literacy and Financial Education: Review and Policy Implications, Networks Financial Institute at Indina State University Policy Brief.
- MANDELL, Lewis, (2006), Financial Literacy: If It’s So Important, Why Isn’t It Improving?, Networks Financial Institute at Indina State University Policy Brief.
- MANDELL, Lewis, (2008), In Overcoming The Saving Slump: How To Increase The Effectiveness of Financial Education and Saving Programs, ed. Annamaria Lusardi, University of Chicago Press.
- MASON, Carolynne L. J. ve R. M. S. WILSON, (2000), Conceptualising Financial Litercary, Loughborough University Business School.
- MURPHY, Angela J. (2005), “Money, Money, Money: An Exploratory Study on the Financial Knowledge of Black College Students”, College Student Journal, 39(3), 478-488.
- NOCTOR, Michael, S. STONEY and, R. STRADLING (1992), Financial Literacy: A Discussion of Concepts and Competences of Financial Literacy and Opportunities for its Introduction into Young People’s Learning, National Foundation for Educational Research Report for the National Westminster Bank. London, The United Kingdom.
- OECD, (2013). “Kadınların ve Genç Kızların Finansal Farkındalık ve Finansal Eğitim İhtiyaçları”, OECD/INFE Politika Rehberi, Eylül 2013.
- ÖZÇAM, Mustafa, (2006). “Yatırımcı Eğitimi: Dünya Uygulamaları ve Türkiye İçin Öneriler”, Sermaye Piyasası Araştırma Raporu, Ankara.
- PRESTON, Alison C. and R. E. WRIGHT, (2019), “Understanding the Gender Gap in Financial Literacy: Evidence from Australia”, Economic Record, 95(1), 1-29.
- REYES, Ramon L. (2006), “The Psychological Meanings of Money”, PhD Thesis, Alliant International University.
- SERVON, Lisa J. and R. KAESTNER, (2008), “Consumer Financial Literacy and the Impact of Online Banking on the Financial Behavior of Lower-Income Bank Customers”, Journal of Consumer Affairs, 42(2), 271-305.
- SHOCKEY, Susan S. (2002), “Low-Wealth Adults’ Financial Literacy, Money Management Behaviors and Associated Factors, Including Critical Thinking”, PhD Thesis, The Ohio State University.
- WAGLAND, Suzanne, (2006), “Financial Literacy in the Context of Literacy in General”, Fifth Australian Society of Heterodox Economists Conference, 1-6.
- WILLIS, Lauren E. (2008), Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education, Legal Studies Paper No:2008-6 October, Loyola Law School, Los Angeles.
- WORTHINGTON, Andrew C. (2004), The Distribution of Financial Literacy in Australia, Discussion Papers in Economics, Finance and International Competitiveness. No:185.
- YU, K.-M., A. M. Wu, W.-S. CHAN and K. L. CHOU, (2015), “Gender Differences in Financial Literacy Among Hong Kong Workers”, Journal Educational Gerontology, 41(4), 315-326.
Year 2019,
Volume: 4 Issue: 4, 492 - 503, 31.12.2019
Abstract
References
- ADAM, Anokye M., M. O. BOADU and S. FRIMPONG, (2018), “Does Gender Disparity in Financial Literacy Still Persist After Retirement? Evidence from Ghana”, International Journal of Social Economics, 45(1), 18-28.
- ALMENBERG, Johan and A. DREBER, (2012), Gender, Stock Market Participation and Financial Literacy, Working Paper Series in Economics and Finance.
- ALTINTAŞ, Kadir Murat, (2008), “Bireysel Yatırımcılar Açısından Finansal Eğitimin Önemi”, Türk Sigorta Enstitüsü Vakfı Sigorta Araştırma ve İnceleme Yayınları-14.
- ARELLANO, Alfonso, N. CAMARA and D. TUESTA, (2018), “Explaining the Gender Gap in Financial Literacy: The Role of Non-Cognitive Skills”, Economic Notes, 47(2-3), 495-517.
- ATKINSON, Adele and F.-A. MESSY (2012), Measuring Financial Literacy: Results of the OECD/ International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance.
- BARBOZA, Gustavo, C. SMITH and J. G. PESEK (2016), “Assessing Financial Literacy, Gender Gap and Cognitive Differences”, Journal of Financial Education, 42(3-4), 205-242.
- BODIE, Zvi, (2006), A Note on Economic Principles and Financial Literacy, Networks Financial Institute at Indina State University Policy Brief.
- CHEN, Haiyang and R. P. VOLPE, (1998). “An Analysis of Personal Financial Knowledge Among College Students”. Financial Services Review, 7(2), 107-128.
- CHEN, Haiyang and R. P. VOLPE, (2002), “Gender Differences in Personal Financial Literacy Among College Students”, Financial Services Review, 11, 289-307.
- COLE, Shawn, T. SAMPSON and B. ZIA, (2009), Financial Literacy, Financial Decisions and the Demand for Financial Services: Evidence from India and Indonesia, Harvard Business School Working Paper.
- ÇERA, Gentjan and B. TUZI, (2018), Does Gender Matter in Financial Literacy? A Case Study of Young People in Tirana, Scientific papers of the University of Pardubice. Series D, Faculty of Economics and Administration.
- DELAVANDE, Adeline, S. ROHWEDDER and R. WILLIS, (2008), Preparation for Retirement, Financial Literacy and Cognitive Resources, Michigan Retirement Research Center Working Paper, No:190.
- DICK, Christian and L. JAROSZEK, (2013), Knowing What Not to Do: Financial Literacy and Consumer Credit Choices, ZEW Discussion Paper No. 13-027, Mannheim.
- DISNEY, Richard and J. GATHERGOOD, (2011), Financial Literacy and Indebtedness: New Evidence for U.K. Consumers’ Centre for Finance, Credit and Macroeconomics, Working Paper 11/05, University of Nottingham.
- FARRAR, Sue, J. MOIZER, J. LEAN and M. HYDE, (2019), “Gender, Financial Literacy and Preretirement Planning in the UK”, Journal of Women & Aging, 31(4), 319-339.
- FILIPIAK, Ute and Y. M. WALLE, (2015). The Financial Literacy Gender Gap: A Question of Nature or Nurture?, Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 176, Courant Research Centre PEG.
- FODER, 2012-2016, http://www.fo-der.org/category/hakkimizda/, (Accession Date: 29.07.2016)
- FONSECA, Raquel, K. J. MULLEN, G. ZAMARRO and J. ZISSIMOPOULOS, (2012), “What Explains the Gender Gap in Financial Literacy? The Role of Household Decision-Making”, The Journal of Consumer Affairs, 46(1), 90-106.
- HASLER, Andrea and A. Lusardi (2017), “The Gender Gap in Financial Literacy: A Global Perspective”, Global Financial Literacy Excellence Center.
- HATHAWAY, Ian and S. KHATIWADA, (2008), Do Financial Education Programs Work? Working Paper 08-03, Federal Reserve Bank of Cleveland.
- HUSTON, Sandra J. (2010), “Measuring Financial Literacy”. The Journal of Consumer Affairs, 44(2), 296-316.
- KAHRAMAN, Yunus Emre, (2015), “Erciyes Üniversitesi Öğrencileri Üzerinde Finansal Okuryazarlık Araştırması”. Master Thesis, Muğla Sıtkı Koçman Üniversitesi Sosyal Bilimler Enstitüsü, Muğla.
- KLEIN, Valerie, (2007), “Making Sense of Financial Education” PhD Thesis, University of Pennsylvania.
- LONGOBARDI, Sergio, M. M. Pagliuca and A. REGOLI, (2018), “Can Problem-Solving Attitudes Explain the Gender Gap in Financial Literacy? Evidence from Italian Students’ Data”, International Journal of Methodology, 52(4), 1677-1705.
- LUSARDI, Annamaria, (2006), Financial Literacy and Financial Education: Review and Policy Implications, Networks Financial Institute at Indina State University Policy Brief.
- MANDELL, Lewis, (2006), Financial Literacy: If It’s So Important, Why Isn’t It Improving?, Networks Financial Institute at Indina State University Policy Brief.
- MANDELL, Lewis, (2008), In Overcoming The Saving Slump: How To Increase The Effectiveness of Financial Education and Saving Programs, ed. Annamaria Lusardi, University of Chicago Press.
- MASON, Carolynne L. J. ve R. M. S. WILSON, (2000), Conceptualising Financial Litercary, Loughborough University Business School.
- MURPHY, Angela J. (2005), “Money, Money, Money: An Exploratory Study on the Financial Knowledge of Black College Students”, College Student Journal, 39(3), 478-488.
- NOCTOR, Michael, S. STONEY and, R. STRADLING (1992), Financial Literacy: A Discussion of Concepts and Competences of Financial Literacy and Opportunities for its Introduction into Young People’s Learning, National Foundation for Educational Research Report for the National Westminster Bank. London, The United Kingdom.
- OECD, (2013). “Kadınların ve Genç Kızların Finansal Farkındalık ve Finansal Eğitim İhtiyaçları”, OECD/INFE Politika Rehberi, Eylül 2013.
- ÖZÇAM, Mustafa, (2006). “Yatırımcı Eğitimi: Dünya Uygulamaları ve Türkiye İçin Öneriler”, Sermaye Piyasası Araştırma Raporu, Ankara.
- PRESTON, Alison C. and R. E. WRIGHT, (2019), “Understanding the Gender Gap in Financial Literacy: Evidence from Australia”, Economic Record, 95(1), 1-29.
- REYES, Ramon L. (2006), “The Psychological Meanings of Money”, PhD Thesis, Alliant International University.
- SERVON, Lisa J. and R. KAESTNER, (2008), “Consumer Financial Literacy and the Impact of Online Banking on the Financial Behavior of Lower-Income Bank Customers”, Journal of Consumer Affairs, 42(2), 271-305.
- SHOCKEY, Susan S. (2002), “Low-Wealth Adults’ Financial Literacy, Money Management Behaviors and Associated Factors, Including Critical Thinking”, PhD Thesis, The Ohio State University.
- WAGLAND, Suzanne, (2006), “Financial Literacy in the Context of Literacy in General”, Fifth Australian Society of Heterodox Economists Conference, 1-6.
- WILLIS, Lauren E. (2008), Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education, Legal Studies Paper No:2008-6 October, Loyola Law School, Los Angeles.
- WORTHINGTON, Andrew C. (2004), The Distribution of Financial Literacy in Australia, Discussion Papers in Economics, Finance and International Competitiveness. No:185.
- YU, K.-M., A. M. Wu, W.-S. CHAN and K. L. CHOU, (2015), “Gender Differences in Financial Literacy Among Hong Kong Workers”, Journal Educational Gerontology, 41(4), 315-326.
There are 40 citations in total.
Details
| Primary Language | English |
|---|---|
| Subjects | Economics, Business Administration |
| Journal Section | Araştırma Makaleleri |
| Authors | |
| Publication Date | December 31, 2019 |
| Submission Date | September 5, 2019 |
| Acceptance Date | October 21, 2019 |
| Published in Issue | Year 2019 Volume: 4 Issue: 4 |
