İktisat Politikası Araştırmaları Dergisi

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DOI :10.26650/JEPR1406361   IUP :10.26650/JEPR1406361    Tam Metin (PDF)

Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme

Barış Sancak, Dilek Demirbaş

Çalışmanın amacı üniversite öğrencilerinin finansal okuryazarlık düzeylerinin finansal yatırım piyasalarına katılımları üzerindeki etkisini incelemektir. Bu amaç doğrultusunda Sağlık Bilimleri Üniversitesi’nde öğrenim gören 703 lisans ve ön lisans öğrencisinin katıldığı bir anket çalışması gerçekleştirilmiştir. Elde edilen veriler lojistik regresyon analizine tabi tutulmuştur. Analiz sonuçlarına göre objektif finansal okuryazarlığın yatırım piyasalarına katılım üzerinde anlamlı bir etkisinin olmadığı belirlenmiştir. Algılanan finansal okuryazarlığın ise yatırım piyasalarına katılım üzerinde etkili olduğu saptanmıştır. Bunun yanı sıra, risk karşıtlığı, tasarruf eğilimi, cinsiyet, yaş, çalışma durumu ve aile bireyleri arasında finans alanında çalışan bulunmasının öğrencilerin finansal yatırım piyasalarına katılımları üzerinde etkili olduğu sonucuna ulaşılırken, öğrenim durumunun finansal yatırım piyasalarına katılım üzerinde açıklayıcı bir faktör olmadığı saptanmıştır. Ayrıca, algılanan yüksek finansal okuryazarlık, tasarruf eğilimi, yaş, çalışıyor olma ve aile bireyleri arasında finans alanında çalışan bulunması ile finansal araçlara yatırım yapılması arasında doğru yönlü bir ilişki tespit edilirken, risk karşıtlığı ve kadın olma ile finansal araçlara yatırım yapılması arasında ters yönlü bir ilişki belirlenmiştir. Sonuç olarak, öğrenciler her ne kadar sahip olduklarını düşündükleri finansal okuryazarlık seviyesine uygun olarak, akılcı bir sebebe dayanarak finansal araçlara yatırım yapsalar da gerçekte sahip olduklarını düşündükleri finansal okuryazarlık düzeyine sahip olmadıkları için yapmış oldukları finansal yatırımlar, temel yatırım bilgisiyle desteklenmemiş spekülatif nitelikte yatırımlardan ibarettir. Yatırım kararı alırken bilinçli davranma niyetine sahip olmalarına rağmen farkında olmadan bilinçsiz yatırımlar yapmaktadırlar.

Anahtar Kelimeler: Finans bilgisi, Finansal okuryazarlık, Yatırım kararları, Finansal tabana yayılma, Lojistik regresyon
JEL Classification : C93 , D14 , G11
DOI :10.26650/JEPR1406361   IUP :10.26650/JEPR1406361    Tam Metin (PDF)

The Effect Of Financial Literacy On Participation In Investment Markets: A Study On University of Health Sciences Students

Barış Sancak, Dilek Demirbaş

The purpose of this study is to examine the effect of university students’ financial literacy level on their participation in financial investment markets. For this purpose, a survey was conducted with the participation of 703 undergraduate and associate degree students at the University of Health Sciences. The obtained data were subjected to logistic regression analysis. According to the analysis results, objective financial literacy did not have a significant effect on participation in investment markets. It was determined that perceived financial literacy impacts participation in investment markets. Further, while it was concluded that risk aversion, savings tendency, gender, age, working status, and the presence of family members in the field of finance had an impact on students’ participation in financial investment markets, it was determined that education level was not an explanatory factor on participation in such markets. Additionally, while a positive relationship was found between perceived higher financial literacy, propensity to save, age, being employed, having a family member working in the field of finance, and investing in financial instruments, a negative relationship was determined between risk aversion, being a woman, and investing in financial instruments. Consequently, although students invest in financial instruments based on a rational reason in accordance with their level of financial literacy, in reality, they do not have this level of financial literacy, and their financial investments consist of speculative investments that are not supported by basic investment knowledge. Although they intend to act consciously when making investment decisions, they make unconscious investments without realising it.

Anahtar Kelimeler: Finance knowledge, Financial literacy, Investment decisions, Financial inclusion, Logistic regression
JEL Classification : C93 , D14 , G11

GENİŞLETİLMİŞ ÖZET


The purpose of this study is to examine the effect of university students’ financial literacy level on their participation in financial investment markets. For this purpose, a survey was conducted with the participation of 703 undergraduate and associate degree students at the University of Health Sciences. The obtained data were subjected to logistic regression analysis. According to the analysis results, although objectively measured financial literacy (via a test) did not have a significant effect on participation in investment markets, perceived financial literacy measured through self-report had an impact on participation in such markets. While students make their investment choices, they do not support their actions even with a basic investment knowledge. The low financial literacy score also supports this result (Average 33.3). On the other hand, students are aware of whether they are qualified to invest or not. However, they invest without having basic investment knowledge. This reveals that students act irrationally in their investment choices and tend to behave speculatively. In addition, while it was concluded that risk aversion, savings tendency, gender, age, working status, and the presence of family members in the field of finance had an impact on students’ participation in financial investment markets, it was determined that education level was not an explanatory factor on participation in such markets. Additionally, while a positive relationship was found between perceived financial literacy, propensity to save, age, being employed, having a family member working in the field of finance, and investing in financial instruments, a negative relationship was determined between risk aversion, being a woman, and investing in financial instruments. Supposing that exposure to risk is part of the nature of investing, it makes sense that a negative relationship between risk aversion and investing in financial instruments. Considering that savings are the source of financing investments, a direct relationship is expected between saving and investing. Working students (mean 0.92/2) have a higher savings bracket than non-working students (mean 0.71/2). This is a possible explanation for the relatively high tendency of working students to invest. The fact that women’s risk aversion (mean. 3.66/5) is higher than men’s (mean. 3.30/5) is a possible reason why women tend to invest less in financial instruments. The presence of a parent or sibling who works in finance can create a positive externality for other family members through that person’s financial knowledge, financial socialisation and experience. This is a possible explanation for the positive effect of having a financial employee in the family on financial investments. Considering that being a university student is a semi-autonomous process on the way to becoming an individual independent of parental guidance, many students make their own consumption, savings, and investment decisions for the first time during their time at university. This can be expected to create awareness, experience, and awareness among students over time when making individual financial decisions. Thus, older students may tend to invest. It can be said that the participation rates of undergraduate (39.86%) and associate degrees (38.02%) students in investment markets are increasing. This indicates that students in both groups have similar financial awareness. This may indicate that academic success does not have a decisive effect on financial awareness. As a result, although students invest in financial instruments based on a rational reason in accordance with their level of financial literacy, in reality, they do not have this level of financial literacy, and their financial investments consist of speculative investments that are not supported by basic investment knowledge. Although they intend to act consciously when making investment decisions, they make unconscious investments without realising it. Students’ attempts to invest without increasing their knowledge on financial matters prevent them from being able to manage their risks correctly and make rational financial decisions. Today, when access to information is easier than ever before, it is recommended that students invest in financial instruments after increasing their financial literacy to prevent possible material and moral losses. Considering that financial literacy is a common issue for all segments of society, policymakers are recommended that courses in the field of personal finance should be taught as compulsory courses not only in the economics and finance-themed departments of universities but also in the curricula of all undergraduate and associate degree departments.


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Sancak, B., & Demirbaş, D. (2024). Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme. İktisat Politikası Araştırmaları Dergisi, 11(2), 204-225. https://doi.org/10.26650/JEPR1406361


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Sancak B, Demirbaş D. Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme. İktisat Politikası Araştırmaları Dergisi. 2024;11(2):204-225. https://doi.org/10.26650/JEPR1406361


ABNT

Sancak, B.; Demirbaş, D. Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme. İktisat Politikası Araştırmaları Dergisi, [Publisher Location], v. 11, n. 2, p. 204-225, 2024.


Chicago: Author-Date Style

Sancak, Barış, and Dilek Demirbaş. 2024. “Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme.” İktisat Politikası Araştırmaları Dergisi 11, no. 2: 204-225. https://doi.org/10.26650/JEPR1406361


Chicago: Humanities Style

Sancak, Barış, and Dilek Demirbaş. “Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme.” İktisat Politikası Araştırmaları Dergisi 11, no. 2 (Oct. 2024): 204-225. https://doi.org/10.26650/JEPR1406361


Harvard: Australian Style

Sancak, B & Demirbaş, D 2024, 'Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme', İktisat Politikası Araştırmaları Dergisi, vol. 11, no. 2, pp. 204-225, viewed 7 Oct. 2024, https://doi.org/10.26650/JEPR1406361


Harvard: Author-Date Style

Sancak, B. and Demirbaş, D. (2024) ‘Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme’, İktisat Politikası Araştırmaları Dergisi, 11(2), pp. 204-225. https://doi.org/10.26650/JEPR1406361 (7 Oct. 2024).


MLA

Sancak, Barış, and Dilek Demirbaş. “Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme.” İktisat Politikası Araştırmaları Dergisi, vol. 11, no. 2, 2024, pp. 204-225. [Database Container], https://doi.org/10.26650/JEPR1406361


Vancouver

Sancak B, Demirbaş D. Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme. İktisat Politikası Araştırmaları Dergisi [Internet]. 7 Oct. 2024 [cited 7 Oct. 2024];11(2):204-225. Available from: https://doi.org/10.26650/JEPR1406361 doi: 10.26650/JEPR1406361


ISNAD

Sancak, Barış - Demirbaş, Dilek. “Finansal Okuryazarlığın Yatırım Piyasalarına Katılım Üzerindeki Etkisi: Üniversite Öğrencileri Üzerine Bir İnceleme”. İktisat Politikası Araştırmaları Dergisi 11/2 (Oct. 2024): 204-225. https://doi.org/10.26650/JEPR1406361



ZAMAN ÇİZELGESİ


Gönderim18.12.2023
Kabul05.06.2024
Çevrimiçi Yayınlanma13.08.2024

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