An Application for Determining Financial Literacy Level in Karaman Province

Abstract

Financial literacy, which concerns all segments of the society, refers to the ability to understand financial concepts and exhibit financial behavior in a way that will enable healthy financial decisions. Being financially literate will enable individuals to be more careful while making consumption and investment expenditures, to better manage their assets and to lead a prosperous life. The aim of this study is to determine the financial literacy level of individuals living in Karaman province and to determine the effect of demographic characteristics on financial literacy level. For the purpose of the study, a questionnaire was applied to 400 individuals over the age of 15 living in Karaman. The data obtained from the survey questions were analyzed using the descriptive statistical methods, t-test and ANOVA method in the SPSS package program. The results of the analysis show that the financial knowledge and financial literacy levels of individuals living in Karaman are generally high. In addition, findings were obtained that demographic characteristics such as gender, marital status, educational status, occupation, age and income affect the level of financial literacy. Although the financial literacy level of individuals living in Karaman is generally high, it will be beneficial to provide various financial trainings in order to raise financial knowledge to a higher level.