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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Derviş Boztosun
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DOI:10.17265/1537-1506/2017.11.001
Affiliation(s)
Erciyes University, Kayseri, Turkey
ABSTRACT
Organizations
and researchers use different names and definitions for financial literacy.
Although the concepts of “financial training”, “financial awareness”, and
“financial sufficiency” are used in the literature, the concept of “financial
literacy” has been recognized in Turkey. Financial literacy can be defined as
the ability to comprehend financial concepts and issues so as to take proper
decisions against changing financial conditions and to manage one’s own
financial status through financial planning. Financial innovation is defined in
the broad sense as the products or processes developed to benefit from the
profit opportunities which arise from incomplete financial markets or
inefficient financial intermediation. Increasing savings through deposits and
personal pensions in recent years and increasing debts through loans and credit
cards have revealed a very high level of financial operations and activities in
Turkey. The utilization of new financial instruments is also expected to
increase with these intense financial activities. Parallel to such increases,
individuals with high financial literacy levels are expected to have a higher
knowledge level about new financial instruments and innovations and they are
also expected to have a greater tendency to use such instruments. In accordance
with these expectations, significant relationships were observed in this survey
study between the financial literacy level of individuals living in Kayseri
province and their utilization habits of many of financial innovations.
KEYWORDS
financial literacy, financial innovation, Kayseri
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