Research Article
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Bireylerin Finansal Risk Toleransı, Finansal Okuryazarlık ve Finansal Tutumunun Finansal Davranışları Üzerindeki Etkisi

Year 2022, Volume: 7 Issue: 1, 8 - 15, 30.06.2022

Abstract

Kişisel finans literatüründe yapılan araştırmalar, bireylerin finansal kararlarında psikolojik faktörlerden etkilendiğini ortaya koymaktadır. Bu bağlamda bireylerin finansal davranışlarını incelemeye yönelik çalışmalarda sosyokültürel ve demografik faktörlere yönelik araştırmalar yetersiz kalmaktadır. Araştırmada finansal risk toleransı, finansal okuryazarlık ve finansal tutum faktörlerinin bireylerin finansal davranışları üzerindeki etkileri incelenmeye çalışılmıştır. Türkiye'de yer alan İstanbul, Ankara, İzmir, Kocaeli, Bursa, Sivas ve Karabük şehirlerinden 1347 kişinin gönüllü katılımıyla elde edilen veriler anket yöntemi ile toplanmıştır. Toplanan veriler çoklu doğrusal regresyon yöntemi ile analiz edilmiştir. Sonuç olarak; bireylerin finansal davranışlarını etkileyen faktörleri incelemeyi amaçlayan çalışmada, finansal risk toleransı, finansal okuryazarlık ve finansal tutumun, finansal davranış üzerinde anlamlı bir etkiye sahip olduğu tespit edilmiştir.

References

  • Alkaya, A. & Yağlı, İ. (2015). Finansal okuryazarlık-finansal bilgi, davranış ve tutum: Nevşehir Hacı Bektaş Veli Üniversitesi İİBF öğrencileri üzerine bir uygulama. Journal of International Social Research, 8(40), 585–599.
  • Allgood, S. A. & Walstad, W. (2011). The effects of perceived and actual financial knowledge on credit card behavior. Networks Financial Institute Paper, 15, 1–26.
  • Allgood S. & Walstad W. (2013). Financial literacy and credit card behaviors: a cross-sectional analysis by age. Numeracy, 6(2), 1–26.
  • Andarsari P. R. & Ningtyas M. N. (2019). The role of financial literacy on financial behavior. Journal of Accounting and Business Education, 4(1), 24–33.
  • Arifin A. Z. (2017). The influence of financial knowledge, control and income on individual financial behavior. European Research Studies Journal, 20(3A), 635–648.
  • Ateş S., Coşkun A., Şahin M. A. & Demircan L. (2016). Impact of financial literacy on the behavioral biases of ındividual stock ınvestors: evidence from borsa Istanbul. Business and Economics Research Journal, 7(3), 1–19.
  • Aydemir S. D. & Aren S. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy? Kybernetes, 46(10), 1706–1734.
  • Bernheim, B. D., Garrett, D. M. & Maki, D. M. (2001). Education and saving: The long-term effects of high school financial curriculum mandates. Journal of Public Economics, 80(3), 435–465.
  • Bernheim B. D. & Garrett D. M. (2003). The effects of financial education in the workplace: Evidence from a survey of households. Journal of Public Economics, 87(7–8), 1487–1519.
  • Büyüköztürk Ş. (2018). Sosyal bilimler için veri analizi el kitabı, Ankara: Pegem Akademi.
  • Chen H., Volpe R. P., Chen H. & Volpe R. P. (1998). An analysis of financial literacy among college students. Financial Services Review, 7(2), 107–128.
  • Cordell, D. (2001). RiskPACK: How to evaluate risk tolerance. Journal of Financial Planning, 14(6), 36–40.
  • De Bassa Scheresberg C. (2013). Financial literacy and financial behavior among young adults: Evidence and implications. Numeracy, 6(2), 5.
  • Delavande A., Rohwedder S. & Willis R. J. (2008). Preparation for retirement, financial literacy and cognitive resources. Michigan Retirement Research Center. Working Paper, WP 2008-190, 1-47.
  • Denk, Z., Demir, Ö. & Sezgin, E. E. (2018). Kartlı ödeme sistemlerinin finansal davranış ve tutum üzerindeki Etkisi: Elâzığ-Malatya ili AVM müşterileri örneği. Fırat Üniversitesi Sosyal Bilimler Dergisi, 28(1), 187-202.
  • Fernandes D., Lynch J. G. & Netemeyer R. G. (2014). The effect of financial literacy and financial education on downstream financial behaviors, Management Science 60, 8, 1861-1883.
  • Fettahoğlu S. (2015). Hane halkının finans eğitimi ve finansal okuryazarlık düzeyleri üzerine Kocaeli’nde bir araştırma. Muhasebe ve Finansman Dergisi, 67, 101–116.
  • Field, A. (2009). Discovering Statistics Using SPSS. 3rd Edition, Sage Publications Ltd., London.
  • Gönen E. & Özmete E. (2007). Finansal Refah: Finansal yönetim sürecinden duyulan tatmin, finansal davranışlar ile öz-saygı arasındaki ilişkinin incelenmesi. Aile ve Toplum. Eğitim-Kültür ve Araştırma Dergisi, 3(11), 58.
  • Grable J. E., Joo S. H., (1999). Financial help-seeking behavior: Theory and implications. Journal of Financial Counseling and Planning, 10(1), 14–25.
  • Grable J. E. & Joo S.-H. (2000). A cross-disciplinary examination of financial risk tolerance. Consumer Interests Annual, 46, 151–157.
  • Grable, J. E. & Joo, S. H. (2004). Environmental and biopsychosocial factors associated with financial risk tolerance. Journal of Financial Counseling and Planning, 15(1), 73–82.
  • Grable J. E., Lytton R. H. & Barbara O. (2004). Projection bias and financial risk tolerance. Journal of Behavioral Finance, 5(3), 142–147.
  • Grable J., Roszkowski M., Joo S. H., O’Neill B. & Lytton R. H. (2009). A test of the relationship between self-classified financial risk-tolerance and investment risk-taking behaviour. International Journal of Risk Assessment and Management, 12(2–4), 396–419.
  • Xiao, J. J., & Xiao, J. J. (2016). Handbook of consumer finance research. Springer.
  • Gibson R., Michayluk D. & Van de Venter G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review, 22(1), 23–50.
  • Güler, E. & Tunahan, H. (2017). Finansal okuryazarlık: hane halkı üzerine bir araştırma. İşletme Bilimi Dergisi, 5(3), 79–104.
  • Hanna S. D. & Lindamood S. (2004). An improved measure of risk aversion. Financial Counseling and Planning, 15(2), 27–38.
  • Hassan Al-Tamimi H. A. & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516.
  • Hıra T. K. (1997). Financial attitudes, beliefs and behaviours: Differences by age. Journal of Consumer Studies and Home Economics, 21(3), 271-290.
  • Hilgert, M. A., Hogarth, J. M. & Beverly S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89(7), 309–322.
  • Ibrahim, M. E. & Alqaydi, F. R. (2013). Financial literacy, personal financial attitude, and forms of personal debt among residents of the UAE. International Journal of Economics and Finance, 5(7), 126–138.
  • Jappelli T. & Padula M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779–2792.
  • Ida I. & Dwinta C. Y. (2010). Pengaruh locus of control, financial knowledge, income terhadap financial management behavior. Jurnal Bisnis Dan Akuntansi, 12(3), 131–144.
  • Lusardi, A. (2006). Financial literacy and financial education: Review and policy implications. NFI Policy Brief, 2006-PB, 11.
  • Lusardi, A. & Mitchell O. S. (2007). Financial literacy and retirement preparedness: Evidence and implications for financial education. Business Economics, 42(1), 35–44.
  • Lusardi A. & Mitchell O. S. (2008). Planning and financial literacy: How do women fare? American Economic Review, 98(2), 413–417.
  • Lusardi A. (2008a). Financial literacy: An essential tool for ınformed consumer choice? In National Bureau of Economic Research.
  • Lusardi, A. (2008b). Household saving behavior: The role of financial literacy, information, and financial education programs. National Bureau of Economic Research.
  • Lusardi, A. & 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. (2017). How ordinary consumers make complex economic decisions: Financial literacy and retirement readiness. Quarterly Journal of Finance, 7(3), 1750008.
  • Müller S. & Weber, M. (2010). Financial literacy and mutual fund ınvestments: Who buys actively managed funds? Schmalenbach Business Review, 62(2), 126–153.
  • Nunnally J. & Bernstein I. (1994). Psychometric Theory, (3rd edn.), McGraw-Hill, New York.
  • Perry, V. G. & Morris, M. D. (2005). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299–313.
  • Potrich, A. C. G., Vieira, K. M. & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356-376.
  • Robb C. A. & Woodyard A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70.
  • Roszkowski M. J. & Grable J. (2005). Estimating risk tolerance: The degree of accuracy and the paramorphic representations of the estimate. Journal of Financial Counseling and Planning, 16(2), 29–47.
  • Sarıgül H., (2015). Finansal okuryazarlık tutum ve davranış ölçeği: geliştirme, geçerlik ve güvenirlik. Journal of Management and Economics Research, 13(1), 200–218.
  • Sung, J. & Hanna, S. (1996). Factors related to risk tolerance. Financial Counselling and Planning, 7, 11–19.
  • Tavşancıl, E. (2006). Tutumların Ölçülmesi ve SPSS İle Veri Analizi, 3. Baskı, Ankara: Nobel Yayınları,
  • Van Rooij M. C. J., Lusardi A. & Alessie R. J. M. (2012). Financial literacy, retirement planning and household wealth. Economic Journal, 122 (560), 449–478.

The Effect of Individuals' Financial Risk Tolerance, Financial Literacy and Financial Attitude on their Financial Behaviors

Year 2022, Volume: 7 Issue: 1, 8 - 15, 30.06.2022

Abstract

Studies in the personal finance literature reveal that individuals are influenced by psychological factors in their financial decisions. In this context, research on sociocultural and demographic factors is insufficient in studies to examine financial behavior of individuals. In the research, the effects of financial risk tolerance, financial literacy, and financial attitude factors on individuals' financial behaviors are tried to be examined. The data obtained with the voluntary participation of 1347 individuals from İstanbul, Ankara, İzmir, Kocaeli, Bursa, Sivas, and Karabük cities of Turkey were collected by questionnaire method. The collected data were analysed by multiple linear regression method. As a result, in the study, which aims to examine the factors affecting the financial behavior of individuals, it has been determined that financial risk tolerance, financial literacy and financial attitude have a significant effect on financial behavior.

References

  • Alkaya, A. & Yağlı, İ. (2015). Finansal okuryazarlık-finansal bilgi, davranış ve tutum: Nevşehir Hacı Bektaş Veli Üniversitesi İİBF öğrencileri üzerine bir uygulama. Journal of International Social Research, 8(40), 585–599.
  • Allgood, S. A. & Walstad, W. (2011). The effects of perceived and actual financial knowledge on credit card behavior. Networks Financial Institute Paper, 15, 1–26.
  • Allgood S. & Walstad W. (2013). Financial literacy and credit card behaviors: a cross-sectional analysis by age. Numeracy, 6(2), 1–26.
  • Andarsari P. R. & Ningtyas M. N. (2019). The role of financial literacy on financial behavior. Journal of Accounting and Business Education, 4(1), 24–33.
  • Arifin A. Z. (2017). The influence of financial knowledge, control and income on individual financial behavior. European Research Studies Journal, 20(3A), 635–648.
  • Ateş S., Coşkun A., Şahin M. A. & Demircan L. (2016). Impact of financial literacy on the behavioral biases of ındividual stock ınvestors: evidence from borsa Istanbul. Business and Economics Research Journal, 7(3), 1–19.
  • Aydemir S. D. & Aren S. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy? Kybernetes, 46(10), 1706–1734.
  • Bernheim, B. D., Garrett, D. M. & Maki, D. M. (2001). Education and saving: The long-term effects of high school financial curriculum mandates. Journal of Public Economics, 80(3), 435–465.
  • Bernheim B. D. & Garrett D. M. (2003). The effects of financial education in the workplace: Evidence from a survey of households. Journal of Public Economics, 87(7–8), 1487–1519.
  • Büyüköztürk Ş. (2018). Sosyal bilimler için veri analizi el kitabı, Ankara: Pegem Akademi.
  • Chen H., Volpe R. P., Chen H. & Volpe R. P. (1998). An analysis of financial literacy among college students. Financial Services Review, 7(2), 107–128.
  • Cordell, D. (2001). RiskPACK: How to evaluate risk tolerance. Journal of Financial Planning, 14(6), 36–40.
  • De Bassa Scheresberg C. (2013). Financial literacy and financial behavior among young adults: Evidence and implications. Numeracy, 6(2), 5.
  • Delavande A., Rohwedder S. & Willis R. J. (2008). Preparation for retirement, financial literacy and cognitive resources. Michigan Retirement Research Center. Working Paper, WP 2008-190, 1-47.
  • Denk, Z., Demir, Ö. & Sezgin, E. E. (2018). Kartlı ödeme sistemlerinin finansal davranış ve tutum üzerindeki Etkisi: Elâzığ-Malatya ili AVM müşterileri örneği. Fırat Üniversitesi Sosyal Bilimler Dergisi, 28(1), 187-202.
  • Fernandes D., Lynch J. G. & Netemeyer R. G. (2014). The effect of financial literacy and financial education on downstream financial behaviors, Management Science 60, 8, 1861-1883.
  • Fettahoğlu S. (2015). Hane halkının finans eğitimi ve finansal okuryazarlık düzeyleri üzerine Kocaeli’nde bir araştırma. Muhasebe ve Finansman Dergisi, 67, 101–116.
  • Field, A. (2009). Discovering Statistics Using SPSS. 3rd Edition, Sage Publications Ltd., London.
  • Gönen E. & Özmete E. (2007). Finansal Refah: Finansal yönetim sürecinden duyulan tatmin, finansal davranışlar ile öz-saygı arasındaki ilişkinin incelenmesi. Aile ve Toplum. Eğitim-Kültür ve Araştırma Dergisi, 3(11), 58.
  • Grable J. E., Joo S. H., (1999). Financial help-seeking behavior: Theory and implications. Journal of Financial Counseling and Planning, 10(1), 14–25.
  • Grable J. E. & Joo S.-H. (2000). A cross-disciplinary examination of financial risk tolerance. Consumer Interests Annual, 46, 151–157.
  • Grable, J. E. & Joo, S. H. (2004). Environmental and biopsychosocial factors associated with financial risk tolerance. Journal of Financial Counseling and Planning, 15(1), 73–82.
  • Grable J. E., Lytton R. H. & Barbara O. (2004). Projection bias and financial risk tolerance. Journal of Behavioral Finance, 5(3), 142–147.
  • Grable J., Roszkowski M., Joo S. H., O’Neill B. & Lytton R. H. (2009). A test of the relationship between self-classified financial risk-tolerance and investment risk-taking behaviour. International Journal of Risk Assessment and Management, 12(2–4), 396–419.
  • Xiao, J. J., & Xiao, J. J. (2016). Handbook of consumer finance research. Springer.
  • Gibson R., Michayluk D. & Van de Venter G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review, 22(1), 23–50.
  • Güler, E. & Tunahan, H. (2017). Finansal okuryazarlık: hane halkı üzerine bir araştırma. İşletme Bilimi Dergisi, 5(3), 79–104.
  • Hanna S. D. & Lindamood S. (2004). An improved measure of risk aversion. Financial Counseling and Planning, 15(2), 27–38.
  • Hassan Al-Tamimi H. A. & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516.
  • Hıra T. K. (1997). Financial attitudes, beliefs and behaviours: Differences by age. Journal of Consumer Studies and Home Economics, 21(3), 271-290.
  • Hilgert, M. A., Hogarth, J. M. & Beverly S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89(7), 309–322.
  • Ibrahim, M. E. & Alqaydi, F. R. (2013). Financial literacy, personal financial attitude, and forms of personal debt among residents of the UAE. International Journal of Economics and Finance, 5(7), 126–138.
  • Jappelli T. & Padula M. (2013). Investment in financial literacy and saving decisions. Journal of Banking and Finance, 37(8), 2779–2792.
  • Ida I. & Dwinta C. Y. (2010). Pengaruh locus of control, financial knowledge, income terhadap financial management behavior. Jurnal Bisnis Dan Akuntansi, 12(3), 131–144.
  • Lusardi, A. (2006). Financial literacy and financial education: Review and policy implications. NFI Policy Brief, 2006-PB, 11.
  • Lusardi, A. & Mitchell O. S. (2007). Financial literacy and retirement preparedness: Evidence and implications for financial education. Business Economics, 42(1), 35–44.
  • Lusardi A. & Mitchell O. S. (2008). Planning and financial literacy: How do women fare? American Economic Review, 98(2), 413–417.
  • Lusardi A. (2008a). Financial literacy: An essential tool for ınformed consumer choice? In National Bureau of Economic Research.
  • Lusardi, A. (2008b). Household saving behavior: The role of financial literacy, information, and financial education programs. National Bureau of Economic Research.
  • Lusardi, A. & 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. (2017). How ordinary consumers make complex economic decisions: Financial literacy and retirement readiness. Quarterly Journal of Finance, 7(3), 1750008.
  • Müller S. & Weber, M. (2010). Financial literacy and mutual fund ınvestments: Who buys actively managed funds? Schmalenbach Business Review, 62(2), 126–153.
  • Nunnally J. & Bernstein I. (1994). Psychometric Theory, (3rd edn.), McGraw-Hill, New York.
  • Perry, V. G. & Morris, M. D. (2005). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299–313.
  • Potrich, A. C. G., Vieira, K. M. & Mendes-Da-Silva, W. (2016). Development of a financial literacy model for university students. Management Research Review, 39(3), 356-376.
  • Robb C. A. & Woodyard A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70.
  • Roszkowski M. J. & Grable J. (2005). Estimating risk tolerance: The degree of accuracy and the paramorphic representations of the estimate. Journal of Financial Counseling and Planning, 16(2), 29–47.
  • Sarıgül H., (2015). Finansal okuryazarlık tutum ve davranış ölçeği: geliştirme, geçerlik ve güvenirlik. Journal of Management and Economics Research, 13(1), 200–218.
  • Sung, J. & Hanna, S. (1996). Factors related to risk tolerance. Financial Counselling and Planning, 7, 11–19.
  • Tavşancıl, E. (2006). Tutumların Ölçülmesi ve SPSS İle Veri Analizi, 3. Baskı, Ankara: Nobel Yayınları,
  • Van Rooij M. C. J., Lusardi A. & Alessie R. J. M. (2012). Financial literacy, retirement planning and household wealth. Economic Journal, 122 (560), 449–478.
There are 51 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Research Article
Authors

Ümmühan Mutlu 0000-0002-6277-228X

Gökhan Özer 0000-0002-3255-998X

Publication Date June 30, 2022
Published in Issue Year 2022 Volume: 7 Issue: 1

Cite

APA Mutlu, Ü., & Özer, G. (2022). The Effect of Individuals’ Financial Risk Tolerance, Financial Literacy and Financial Attitude on their Financial Behaviors. JOEEP: Journal of Emerging Economies and Policy, 7(1), 8-15.

JOEEP is published as two issues per year June and December and all publication policies and processes are conducted according to the international standards. JOEEP accepts and publishes the research articles in the fields of economics, political economy, fiscal economics, applied economics, business economics, labour economics and econometrics. JOEEP, without depending on any institution or organization, is a non-profit journal that has an International Editorial Board specialist on their fields. All “Publication Process” and “Writing Guidelines” are explained in the related title and it is expected from authors to Show a complete match to the rules. JOEEP is an open Access journal.