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.