A Study on the Mediating Effect of Financial Literacy Between Personality Traits and Irrational Buying Behaviors

Mehmet Ali Paylan; Yusuf Bahadır Kavas

doi:10.37880/cumuiibf.1092137

EN TR

A Study on the Mediating Effect of Financial Literacy Between Personality Traits and Irrational Buying Behaviors

Abstract

This study aims to test whether financial literacy, which is one of the most studied topics in behavioral finance in recent years, affects compulsive and impulsive buying behavior. It also aims to answer whether financial literacy mediates the relationship between personality traits and compulsive and impulsive buying behavior. The population consists of people over the age of 18 residing in Turkey. Data were collected using an online questionnaire from 405 participants selected by convenience sampling from this population. To test the hypothesis, data were subjected to regression and mediation analysis. The results show that financial literacy has a significant effect on compulsive and impulsive buying behavior and also type A and B personality has a significant effect on financial literacy. On the other hand, Financial literacy doesn’t mediate between A and B personality typologies and compulsive and impulsive buying behaviors. In future studies, especially if financial literacy is measured on a continuous scale, the research model might be show more significant results in terms of mediation effect. Based on the findings, the increase in the level of financial literacy may positively affect the saving tendencies of individuals. Thus, individuals will be prevented from compulsive and impulsive buying behaviors. This study is original as it is the first research in the literature that examines financial literacy and irrational buying behaviors together.

Keywords

Finansal Okuryazarlığın Kişilik Özellikleri ile İrrasyonel Satın Alma Davranışları Arasındaki Aracılık Etkisinin Belirlenmesi Üzerine Bir Araştırma

Öz

Bu çalışma, davranışsal finans alanında son yıllarda üzerinde en çok çalışılan konulardan biri olan finansal okuryazarlığın kompulsif ve dürtüsel satın alma davranışını etkileyip etkilemediğini test etmeyi amaçlamaktadır. Ayrıca, finansal okuryazarlığın kişilik özellikleri ile kompulsif ve dürtüsel satın alma davranışı arasındaki ilişkiye aracılık edip etmediğinin belirlenmesi hedeflenmektedir. Araştırmanın ana kütlesini Türkiye’de yerleşik olan 18 yaşından büyük kişiler oluşturmaktadır. Bu ana kütleden, kolayda örneklem yoluyla seçilen 405 katılımcıdan çevrimiçi anket kullanılarak veriler toplanmıştır. Araştırma hipotezlerini test etmek için veriler regresyon ve aracılık analizlerine tabi tutulmuştur. Sonuçlar, finansal okuryazarlığın kompulsif ve dürtüsel satın alma davranışı üzerinde anlamlı bir etkiye sahip olduğunu ve ayrıca A ve B tipi kişiliğin finansal okuryazarlık üzerinde anlamlı bir etkiye sahip olduğunu göstermektedir. Öte yandan, finansal okuryazarlık, A ve B kişilik tipolojileri ile kompulsif ve dürtüsel satın alma davranışları arasında aracılık etkisine sahip değildir. Gelecek çalışmalarda, özellikle finansal okuryazarlık sürekli bir ölçekte ölçülürse araştırma modeli aracılık etkisi açısından daha anlamlı sonuçlar ortaya koyabilir. Elde edilen bulgulardan hareketle, finansal okuryazarlık düzeyindeki artış, bireylerin tasarruf eğilimlerini olumlu yönde etkileyebilecektir. Böylece, bireylerin kompülsif ve dürtüsel satın alma davranışlarını göstermesi önlenebilecektir. Bu çalışma, finansal okuryazarlık ve irrasyonel satın alma davranışlarını beraber inceleyen literatürdeki ilk araştırma olduğundan, özgün bir değere sahiptir.

Anahtar Kelimeler

Supporting Institution

Destekleyen kurum bulunmamaktadır.

References

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.
Ajzen, I. (2002). Perceived behavioral control, self‐efficacy, locus of control, and the theory of planned behavior 1. Journal of Applied Social Psychology, 32(4), 665–683.
Aktaş, A. M. (2001). Bir kamu kuruluşunun üst düzey yöneticilerinin iş stresi ve kişilik özellikleri. Ankara Üniversitesi SBF Dergisi, 56(4), 25–42.
Anisa, N. A., Arifin, S., Setyowati, L., Hidayah, N., & Megasari, A. D. (2020). Financial literacy on impulsive buying behavior in Y generation. Quantitative Economics and Management Studies, 1(1), 70–75.
Armağan, E. A., & Küçükkambak, S. E. (2015). Y kuşağı tüketicilerinin moda bloglarına yönelik tutumunun satın alma niyeti etkisi üzerine bir araştırma. İstanbul Üniversitesi İşletme Fakültesi İşletme İktisadı Enstitüsü Yönetim Dergisi, 26(79), 83–111.
Arslan, B. (2015). Kredi kartı kullanımının kompulsif satın almaya etkisi. AJIT-e: Online Academic Journal of Information Technology, 6(20), 27–40.
Atkinson, A., Monticone, C., & Mess, F. A. (2016). OECD/INFE international survey of adult financial literacy competencies. Technical Report, OECD.
Avcı, U., & Kaya, U. (2010). Yıldırma (mobbing) ve kişilik ilişkisi: Hizmet sektörü çalışanları üzerinde bir araştırma. Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 12(2), 51–79.

Badgaiyan, A. J., & Verma, A. (2015). Does urge to buy impulsively differ from impulsive buying behavior? Assessing the impact of situational factors. Journal of Retailing and Consumer Services, 22, 145–157.
Batıgün, A. D., & Şahin, N. H. (2006). İş stresi ve sağlık psikolojisi araştırmaları için iki ölçek: A-tipi kişilik ve iş doyumu. Türk Psikiyatri Dergisi, 17(1), 32–45.
Black, D. W. (2001). Compulsive Buying Disorder. CNS Drugs, 15(1), 17–27.
Braun Santos, D., Mendes‐Da‐Silva, W., Flores, E., &Norvilitis, J. M. (2016). Predictors of credit card use and perceived financial well‐being in female college students: a Brazil‐United S tates comparative study. International Journal of Consumer Studies, 40(2), 133–142.
Carlin, B. I., & Robinson, D. T. (2012). What does financial literacy training teach us? The Journal of Economic Education, 43(3), 235–247.
Çelikten, L., & Doğan, M. C. (2020). Marmara finansal okuryazarlık tutum ve davranış ölçeğinin geliştirilmesi. Journal of Hasan Ali Yücel Faculty of Education/Hasan Ali Yücel Egitim Fakültesi Dergisi (HAYEF), 17(2), 199–221.
Darrat, A. A., Darrat, M. & Amyx, D. (2016). How impulse buying influences compulsive buying: The central role of consumer anxiety and escapism. Journal of Retailing and Consumer Services, 31, 103–108.
Dew, J., & Xiao, J. J. (2011). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning, 22(1), 43–59.
Dittmar, H. (2005a). A new look at “compulsive buying”: Self–discrepancies and materialistic values as predictors of compulsive buying tendency. Journal of Social and Clinical Psychology, 24(6), 832–859.
Dittmar, H. (2005b). Compulsive buying–a growing concern? An examination of gender, age, and endorsement of materialistic values as predictors. British Journal of Psychology, 96(4), 467–491.
Durmuşkaya, S., & Kavas, Y. (2018). Akademik gelişim ve finansal okuryazarlık arasındaki ilişkinin tespiti üzerine bir araştırma. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 3, 925–939.
Durna, U. (2004). Stres, A ve B tipi kişilik yapısı ve bunlar arasındaki ilişki üzerine bir araştırma. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(1), 191–206.
Durna, U. (2005). A tipi ve B tipi kişilik yapilari ve bu kişilik yapilarini etkileyen faktörlerle ilgili bir araştirma. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 19(1), 275–290.
Erciş, A., Deligöz, K., & Mutlu, M. (2021). Öğrencilerin FoMo ve plansız satın alma davranışları üzerine bir uygulama. Ataturk University Journal of Economics and Administrative Sciences, 35(1), 219–243.
Faber, R. J., & O’guinn, T. C. (1992). A clinical screener for compulsive buying. Journal of Consumer Research, 19(3), 459–469.
Faber, R. J., & O’Guinn, T. C. (1988). Compulsive consumption and credit abuse. Journal of Consumer Policy, 11(1), 97–109.
Fenton-O’Creevy, M., Dibb, S., & Furnham, A. (2018). Antecedents and consequences of chronic impulsive buying: Can impulsive buying be understood as dysfunctional self-regulation? Psychology and Marketing, 35(3), 175–188.
Fenton‐O’Creevy, M., & Furnham, A. (2020). Money attitudes, personality and chronic impulse buying. Applied Psychology, 69(4), 1557–1572.
Fessler, P., Silgoner, M., & Weber, R. (2020). Financial knowledge, attitude and behavior: evidence from the Austrian Survey of Financial Literacy. Empirica, 47(4), 929–947.
Finke, M. S., Howe, J. S., & Huston, S. J. (2017). Old age and the decline in financial literacy. Management Science, 63(1), 213–230.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50.
Gümüştekin, G. E., & Öztemiz, A. B. (2005). Örgütlerde stresin verimlilik ve performansla etkileşimi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 14(1), 271–288.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2010). Multivariate data analysis (Vol. 5, Issue 3). Prentice hall Upper Saddle River, NJ.
Hamza, N., & Arif, I. (2019). Impact of financial literacy on investment decisions: The mediating effect of big-five personality traits model. Market Forces, 14(1).
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Fed. Res. Bull., 89, 309.
Ian, P., & Charise, W. (2008). Understanding compulsive buying tendencies among young Australians: The roles of money attitude and credit card usage. Marketing Intelligence and Planning, 26(5), 441–458.
James, T. K. (2003). Type A behavior pattern and managerial performance. A study among bank executives in India. International Journal of Manpower, 24(6), 720–734.
Jones, M. A., Reynolds, K. E., Weun, S., & Beatty, S. E. (2003). The product-specific nature of impulse buying tendency. Journal of Business Research, 56(7), 505–511.
Kacen, J. J., & Lee, J. A. (2002). The influence of culture on consumer impulsive buying behavior. Journal of Consumer Psychology, 12(2), 163–176.
Kaderli, Y., Aksu, E., & Efe, S. (2017). Y kuşağının kompulsif satın alma davranışına etki eden faktörler üzerine bir araştırma. 46(2), 188–210.
Karan, I. K., & Achuta, P. R. (2020). Financial literacy and financial behavior: a bibliometric analysis. In Review of Behavioral Finance: Vol. ahead-of-p (Issue ahead-of-print). https://doi.org/10.1108/RBF-06-2020-0141
Khare, A. (2013). Credit card use and compulsive buying behavior. Journal of Global Marketing, 26(1), 28–40.
Killins, R. N. (2017). The financial literacy of Generation Y and the influence that personality traits have on financial knowledge: Evidence from Canada. Financial Services Review, 26(2).
Lusardi, A. (2008a). Financial literacy: an essential tool for informed consumer choice? National Bureau of Economic Research.
Lusardi, A. (2008b). Household saving behavior: The role of financial literacy, information, and financial education programs. National Bureau of Economic Research.
Lusardi, A. (2015). Financial literacy: Do people know the ABCs of finance? Public Understanding of Science, 24(3), 260–271.
Lusardi, A., & Mitchelli, O. S. (2007). Financial literacy and retirement preparedness: Evidence and implications for financial education. Business Economics, 42(1), 35–44.
Maccarrone-Eaglen, A., & Schofield, P. (2018). A cross-cultural and cross-gender analysis of compulsive buying behavior’s core dimensions. International Journal of Consumer Studies, 42(1), 173–185. https://doi.org/10.1111/ijcs.12396
Maccarrone‐Eaglen, A., & Schofield, P. (2018). A cross‐cultural and cross‐gender analysis of compulsive buying behavior’s core dimensions. International Journal of Consumer Studies, 42(1), 173–185.
Mitchell, O. S., Lusardi, A., & Curto, V. (2009). Financial literacy among the young: Evidence and implications for consumer policy. In Pension Research Council WP (Vol. 9).
Montano, D. E., & Kasprzyk, D. (2015). Theory of reasoned action, theory of planned behavior, and the integrated behavioral model. Health Behavior: Theory, Research and Practice, 70(4), 97.
Mueller, A., Mitchell, J. E., Crosby, R. D., Gefeller, O., Faber, R. J., Martin, A., Bleich, S., Glaesmer, H., Exner, C., & de Zwaan, M. (2010). Estimated prevalence of compulsive buying in Germany and its association with sociodemographic characteristics and depressive symptoms. Psychiatry Research, 180(2–3), 137–142.
Neuner, M., Raab, G., & Reisch, L. A. (2005a). Compulsive buying as a consumer policy issue in East and West Germany. In Consumers, Policy and the Environment A Tribute to Folke Ölander (pp. 89–114). Springer.
Neuner, M., Raab, G., & Reisch, L. A. (2005b). Compulsive buying in maturing consumer societies: An empirical re-inquiry. Journal of Economic Psychology, 26(4), 509–522.
Ninan, P. T., McElroy, S. L., Kane, C. P., Knight, B. T., Casuto, L. S., Rose, S. E., Marsteller, F. A., & Nemeroff, C. B. (2000). Placebo-controlled study of fluvoxamine in the treatment of patients with compulsive buying. Journal of Clinical Psychopharmacology, 20(3), 362–366.
Norum, P. S. (2008). The role of time preference and credit card usage in compulsive buying behavior. International Journal of Consumer Studies, 32(3), 269–275.
O’Guinn, T. C., & Faber, R. J. (1989). Compulsive buying: A phenomenological exploration. Journal of Consumer Research, 16(2), 147–157.
OECD, I. (2013). OECD/INFE Toolkit to Measure Financial Literacy and Financial Inclusion: Guidance, Core Questionnaire and Supplementary Questions.
Pahlevan Sharif, S., & Naghavi, N. (2020). Family financial socialization, financial information seeking behavior and financial literacy among youth. Asia-Pacific Journal of Business Administration, 12(2), 163–181. https://doi.org/10.1108/APJBA-09-2019-0196
Pinjisakikool, T. (2017). The effect of personality traits on households’ financial literacy. Citizenship, Social and Economics Education, 16(1), 39–51.
Pirog, S. F., & Roberts, J. A. (2007). Personality and credit card misuse among college students: The mediating role of impulsiveness. Journal of Marketing Theory and Practice, 15(1), 65–77.
Potrich, A. C. G., & Vieira, K. M. (2018). Demystifying financial literacy: a behavioral perspective analysis. Management Research Review, 41(9), 1047–1068.
Preacher, K. J., & Hayes, A. F. (2004). SPSS and SAS procedures for estimating indirect effects in simple mediation models. Behavior Research Methods, Instruments, and Computers, 36(4), 717–731.
Preston, A. C., & Wright, R. E. (2019). Understanding the gender gap in financial literacy: Evidence from Australia. Economic Record, 95, 1–29.
Raab, G., Elger, C. E., Neuner, M., & Weber, B. (2011). A neurological study of compulsive buying behavior. Journal of Consumer Policy, 34(4), 401-413
Rayburn, J. M., & Rayburn, L. G. (1996). Relationship between Machiavellianism and type A personality and ethical-orientation. Journal of Business Ethics, 15(11), 1209–1219.
Ridgway, N. M., Kukar-Kinney, M., & Monroe, K. B. (2008). An expanded conceptualization and a new measure of compulsive buying. Journal of Consumer Research, 35(4), 622–639. https://doi.org/10.1086/591108
Roberts, J. A., & Jones, E. (2001). Money attitudes, credit card use, and compulsive buying among American college students. Journal of Consumer Affairs, 35(2), 213–240.
Rook, D. W. (1987). The Buying Impulse. Journal of Consumer Research, 14(2), 189–199. https://doi.org/10.1086/209105
Rose, P. (2007). Mediators of the association between narcissism and compulsive buying: The roles of materialism and impulse control. Psychology of Addictive Behaviors, 21(4), 576.
Sadiq, M. N., & Khan, R. A. A. (2019). Impact of personality traits on investment intention: The mediating role of risk behavior and the moderating role of financial literacy. Journal of Finance and Economics Research, 4(1), 1–18.
Selamat, Z., Jaffar, N., Hamzah, H., & Awaludin, I. S. (2020). Financial literacy of the younger generation in Malaysia. Understanding Digital Industry: Proceedings of the Conference on Managing Digital Industry, Technology and Entrepreneurship (CoMDITE 2019), July 10-11, 2019, Bandung, Indonesia, 387
Semiz, B. B. (2017). A ve B tipi kişilik özelliklerine göre tüketicilerin plansız, kompülsif ve hedonik satın alma davranışlarının araştırılması. Pazarlama İçgörüsü Üzerine Çalışmalar, 1(1/2), 13–22.
Senda, D. A., Rahayu, C. W. E., & Rahmawati, C. H. T. (2020). The effect of financial literacy level and demographic factors on investment decision. Media Ekonomi Dan Manajemen, 35(1), 100–111.
Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457–1470.
Spinella, M., Yang, B., & Lester, D. (2007). Development of the executive personal finance scale. International Journal of Neuroscience, 117(3), 301–313. https://doi.org/10.1080/00207450500534043
Swiecka, B., Yeşildağ, E., Özen, E., & Grima, S. (2020). Financial literacy: The case of Poland. Sustainability, 12(2), 1-17
Tamam, L., Diler, R. S., & Özpoyraz, N. (1998). Kompulsif satın alma: Bir gözden geçirme. Türk Psikiyatri Dergisi, 9(3), 224–230.
Verplanken, B., & Herabadi, A. (2001). Individual differences in impulse buying tendency: Feeling and no thinking. European Journal of Personality, 15(S1), 71–83.
Watanapongvanich, S., Binnagan, P., Putthinun, P., Khan, M. S. R., & Kadoya, Y. (2020). Financial literacy and gambling behavior: evidence from Japan. Journal of Gambling Studies, 1–21.
Weun, S., Jones, M. A., & Beatty, S. E. (1997). A parsimonious scale to measure impulse buying tendency. AMA Educators’ Proceedings, 8, 8–26.
Williams, T. (2007). Empowerment of whom and for what? Financial literacy education and the new regulation of consumer financial services. Law and Policy, 29(2), 226–256.
Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction. International Journal of Bank Marketing, 35(5), 805–817.
Xue, R., Gepp, A., O’Neill, T. J., Stern, S., & Vanstone, B. J. (2019). Financial literacy amongst elderly Australians. Accounting and Finance, 59, 887–918.
Yildirim, E., & Pirende, G. (2019). Hediye satın alma davranışının A ve B tipi kişilik özelliği açısından incelenmesi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 15(1), 309–327.

Details

Primary Language

English

Subjects

Finance , Business Administration

Journal Section

Research Article

Authors

Mehmet Ali Paylan ^*
0000-0002-6739-2649
Türkiye

Yusuf Bahadır Kavas
0000-0002-4838-7318
Türkiye

Publication Date

July 24, 2022

Submission Date

March 23, 2022

Acceptance Date

May 17, 2022

Published in Issue

Year 2022 Volume: 23 Number: 3

DOI

https://doi.org/10.37880/cumuiibf.1092137

IZ

https://izlik.org/JA98RN48ZJ

Cite

RIS / Bibtex

APA

Paylan, M. A., & Kavas, Y. B. (2022). A Study on the Mediating Effect of Financial Literacy Between Personality Traits and Irrational Buying Behaviors. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 23(3), 736-746. https://doi.org/10.37880/cumuiibf.1092137

A Study on the Mediating Effect of Financial Literacy Between Personality Traits and Irrational Buying Behaviors

A Study on the Mediating Effect of Financial Literacy Between Personality Traits and Irrational Buying Behaviors

Abstract

Keywords

Finansal Okuryazarlığın Kişilik Özellikleri ile İrrasyonel Satın Alma Davranışları Arasındaki Aracılık Etkisinin Belirlenmesi Üzerine Bir Araştırma

Öz

Anahtar Kelimeler

Supporting Institution

References

Details

Primary Language

Subjects

Journal Section

Authors

Publication Date

Submission Date

Acceptance Date

Published in Issue

DOI

IZ

Cite

Cited By

Youth, money, and behavior: the impact of financial literacy programs

How Technology Use Moderates Financial Literacy and Impulsivity Effects on Revisit Intention

Edukasi Literasi Keuangan: Mengelola Uang Sejak Dini

FROM FINANCIAL EDUCATION TO FINANCIAL LITERACY: MEDIATING ROLE OF FINANCIAL SELF-CONFIDENCE