Article2014

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

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Financial Literacy, Pension, Retirement Analysis Higher Education Research Studies Financial Literacy and Behavior

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.

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References

2009Measuring Financial Literacy 2001The revised two‐factor Study Process Questionnaire: R‐SPQ‐2F 1998An Analysis of Personal Financial Literacy Among College Students 2010Financial Literacy among the Young 2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education 1999Relations between teachers' approaches to teaching and students' approaches to learning 1999Achievement goals, study strategies, and exam performance: A mediational analysis.2009Financial Socialization of First-year College Students: The Roles of Parents, Work, and Education

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