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BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI

Year 2022, Issue: 89, 379 - 399, 03.03.2022

Yusuf Bahadır Kavas Mustafa Kenan Erkan

Abstract

Bu çalışma finansal okuryazarlık düzeyinin finansal risk iştahı üzerindeki etkilerinin
belirlenmesi ve demografik değişkenler arasında finansal okuryazarlık düzeyinde ve finansal
risk iştahında oluşabilecek farklılıkların tespiti amacıyla yapılmıştır. Anket aracılığıyla kişilerin finansal risk iştahları
ve finansal okuryazarlık düzeyleri belirlenmeye çalışılmıştır. Bu kapsamda toplamda
448 adet katılımcı çalışmaya katılmıştır. Çalışmadan elde edilen bulgulara göre
bireylerin finansal okuryazarlık düzeyleri finansal risk iştahlarını etkilemektedir.
Finansal okuryazarlık düzeyi arttıkça bireylerin finansal risk alma iştahının arttığı belirlenmiştir.
Erkeklerin finansal okuryazarlık düzeyleri ve finansal risk iştahları kadınlarınkinden yüksektir.
Evli olanların bekârlara kıyasla finansal
okuryazarlık seviyesinde anlamlı farklılığın olduğu ve evli olanların bekâr olanlardan
daha yüksek finansal okuryazar olduğu söylenebilir. Evli ve bekârların finansal
risk iştahlarında anlamlı farklılık bulunmamıştır.
Yaşın, eğitim seviyesinin, çocuk sahibi olmanı ve gelir düzeyinin finansal okuryazarlık seviyesinde
anlamlı farklılık oluşturduğu; ancak
finansal risk iştahı almada bireyler arasında anlamlı farklılığın oluşmadığı görülmüştür.
Bu sonuçtan hareketle demografik değişkenlerin finansal okuryazarlık seviyelerinde
önemli farklılıkları oluşturduğunu ancak cinsiyet dışındaki diğer demografik değişkenlerin
finansal risk iştahında anlamlı bir farklılık oluşturmadığı ifade edilebilir. Bunun
yanında finansal okuryazarlık düzeylerindeki artış ile bireylerin kendilerine daha fazla
güven duydukları düşünülmektedir. Kendilerine daha fazla güvenen bireylerin finansal
risk alma konusunda daha cesaretli davrandıkları çıkarımı yapılabilir.

Keywords

Finans Finansal risk alma; Finansal okuryazarlık Risk toleransı Demografik değişkenler.

References

  • Abreu, M., and Mendes, V. (2010). Financial literacy and portfolio diversification. Quantitative Finance, 10(5), 515–528.
  • Almenberg, J. and Säve-Söderbergh, J. (2011). Financial literacy and retirement planning in Sweden. Journal of Pension Economics and Finance, 10(4), 585–598.
  • Amagir, A., Groot, W., Maassen van den Brink, H. and Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56–80.
  • Anbar, A. ve Melek, E. (2010). An empirical investigation for determining of the relation between personal financial risk tolerance and demographic characteristic. Ege Akademik Bakış Dergisi, 10(2), 503–522.
  • Anwar, M., Khan, S. Z. and Rehman, A. U. (2017). Financial literacy, behavioral biases and ınvestor’s portfolio diversification: empirical study of an emerging stock market. Journal of Finance and Economics Research, 2(2), 144–163.
  • Atkinson, A. and Messy, F.-A. (2012). Measuring financial literacy: results of the OECD/ International Network on Financial Education (INFE) pilot study, 15, 1-73
  • Bajo, E., Barbi, M., and Sandri, S. (2015). Financial literacy, households’ investment behavior, and risk propensity. Journal of Financial Management, Markets and Institutions, 3(1), 157–174.
  • Baker,H.K. and Haslem,J.A.(1974).The impact of investor socioeconomic characteristics on risk and return preferences. Journal of Business Research, 2(4), 469–476.
  • Bannier, C. E. and Neubert, M. (2016). Gender differences in financial risk taking: The role of financial literacy and risk tolerance. Economics Letters, 145, 130–135.
  • Bayar, Y., Sezgin, H. F., Öztürk, Ö. F. ve Şaşmaz, M. Ü. (2020). Financial literacy and financial risk tolerance of ındividual ınvestors: multinomial logistic regression approach. SAGE Open, 10(3), 1-11
  • Bertaut, C. C. (1998). Stockholding behavior of US households: evidence from the 1983– 1989 survey of consumer finances. Review of Economics and Statistics, 80(2), 263–275.
  • Bhatt,A. and Bhatt, S. (2020). Financial literacy and portfolio diversification: an empirical study in Ahmedabad. The Journal of Wealth Management, 23(1), 98–111.
  • Biçer, E. B. ve Altan, F. (2016). Üniversite öğrencilerinin finansal okuryazarlık ile ilgili tutum ve davranışlarının değerlendirilmesi. Journal of Graduate School of Social Sciences, 20(4), 1501-1517
  • Bradley, M. G. and Grahamt, J. W. (1988). Education and asset composition. Economics of Education Review, 7(2), 209–220.
  • Briers, B., Pandelaere, M., Dewitte, S., and Warlop, L. (2006). Hungry for money: The desire for caloric resources increases the desire for financial resources and vice versa. Psychological Science, 17(11), 939–943.
  • Bucher-Koenen, T. and Lusardi, A. (2011). Financial literacy and retirement planning in Germany. National Bureau of Economic Research, 10 (4), 565-584
  • Calvet, L. E., Campbell, J. Y. and Sodini, P. (2009). Fight or flight? Portfolio rebalancing by individual investors. The Quarterly Journal of Economics, 124(1), 301–348.
  • Campbell, J. Y., and Viceira, L. M. (1999). Consumption and portfolio decisions when expected returns are time varying. The Quarterly Journal of Economics, 114(2), 433–495.
  • Christelis, D., Jappelli, T. and Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18–38.
  • Coates, J. M., and Herbert, J. (2008). Endogenous steroids and financial risk taking on a London trading floor. Proceedings of the National Academy of Sciences, 105(16), 6167–6172.
  • Durmuşkaya, S. ve 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, 25(3), 925–939.
  • Fonseca, R., Mullen, K. J., Zamarro, G. and Zissimopoulos, J. (2012). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, 46(1), 90–106.
  • Gibson, R., Michayluk, D. and Van de Venter, G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review, 22 (1), 23-50
  • Goetzmann, W. N. and Kumar, A. (2008). Equity portfolio diversification. Review of Finance, 12(3), 433–463.
  • Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625– 630.
  • Grable, J. E. and Joo, S.-H. (2004). Environmental and biophysical factors associated with financial risk tolerance. Journal of Financial Counseling and Planning, 15(1),73-82
  • Grable, J. E. and Joo, S. (1999). Factors related to risk tolerance: A further examination. Consumer Interests Annual, 45(1), 53–58.
  • Grable, J. E. and Lytton, R. H. (1998). Investor risk tolerance: Testing the efficacy of demographics as differentiating and classifying factors. Journal of Financial Counseling and Planning, 9(1), 61–74.
  • Grable, J. and Lytton, R. H. (1999). Financial risk tolerance revisited: the development of a risk assessment instrument. Financial Services Review, 8(3), 163–181.
  • Gürbüz, S. ve Şahin, F. (2014). Sosyal bilimlerde araştırma yöntemleri, 1. Baskı, Ankara: Seçkin Yayıncılık, 271.
  • Hendrawaty, E., Irawati, N. and Sadalia, I. (2020). Financial literacy, demographic differences and financial risk tolerance level: A case study. Journal of Security and Sustainability Issues, 9, 187–201.
  • Jonubi, A. and Abad, S. (2013). The impact of financial literacy on individual saving: an exploratory study in the Malaysian context. Transformations in Business and Economics, 12(1), 28, 41-55
  • Kannadhasan, M. (2015). Retail investors’ financial risk tolerance and their risk-taking behaviour: The role of demographics as differentiating and classifying factors. IIMB Management Review, 27(3), 175–184.
  • Karasar, N. (2011). Bilimsel Araştırma Yöntemleri. Ankara: Nobel Yayınları.
  • Kılıç,Y.,Ata, H.A. ve Seyrek,İ. H.(2015). Finansal okuryazarlık: Üniversite öğrencilerine yönelik bir araştırma. Muhasebe ve Finansman Dergisi, 66, 129–150.
  • Klapper, L. and Panos, G. A. (2011). Financial literacy and retirement planning: The Russian case. Journal of Pension Economics and Finance, 10(4), 599 ­ 618
  • Knutson, B., Taylor, J., Kaufman, M., Peterson, R. and Glover, G. (2005). Distributed neural representation of expected value. Journal of Neuroscience, 25(19), 4806– 4812.
  • Koot, S., Zoratto, F., Cassano, T., Colangeli, R., Laviola, G., Van Den Bos, R. andAdriani, W. (2012). Compromised decision-making and increased gambling proneness following dietary serotonin depletion in rats. Neuropharmacology, 62(4), 1640- 1650
  • Li, J., Li, Q. and Wei, X. (2020). Financial literacy, household portfolio choice and investment return. Pacific-Basin Finance Journal, 62, 1-15
  • Lusardi, A. and Mitchell, O. S. (2007). Financial literacy and retirement planning: New evidence from the Rand American Life Panel. Michigan Retirement Research Center Research Paper No. WP, 157,1-36
  • Lusardi, A. and Mitchell, O. S. (2011a). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance, 10(4): 509-525.
  • Lusardi, A. and Mitchell, O. S. (2011b). Financial literacy around the world: an overview. Journal of Pension Economics and Finance, 10(4): 497-508.
  • Lusardi, A. and Mitchell, O. S. (2012). Numeracy, financial literacy, and financial decision-making. In journal of economic literature National Bureau of Economic Research, 52(1), 1-15
  • Lusardi, A. and Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
  • Lusardi, A., Mitchell, O. S. and Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358–380.
  • Montford, W., and Goldsmith, R. E. (2016). How gender and financial self-efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1),101-106
  • Mouna, A. and Jarboui, A. (2015). Financial literacy and portfolio diversification: an observation from the Tunisian stock market. International Journal of Bank Marketing, 33, 808-822
  • Mwangi, E. and Onsomu, Z. (2018). Effect of financial literacy on portfolio diversification at the Nairobi securities exchange market, Kenya. Journal of Finance and Investment Analysis, 7(4), 1–3.
  • Niu, G., Zhou, Y. and Gan, H. (2020). Financial literacy and retirement preparation in China. Pacific-Basin Finance Journal, 59,1-17
  • Preston, A. C., and Wright, R. E. (2019). Understanding the gender gap in financial literacy: Evidence from Australia. Economic Record, 95, 1–29.
  • Robinson, S., Walton, R. J., Clark, P. M., Barker, D. J. P., Hales, C. N. and Osmonde, C. (1992). The relation of fetal growth to plasma glucose in young men. Diabetologia, 35(5), 444–446.
  • Rolison, J. J., Hanoch, Y., Wood, S. and Liu, P.-J. (2013). Risk-taking differences across the adult life span: a question of age and domain. Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 69(6), 870–880.
  • Ryack, K. (2011). The impact of family relationships and financial education on financial risk tolerance. Financial Services Review, 20(3), 181-193
  • Şamiloğlu, F., Kahraman, Y. E. ve Bağcı, H. (2016). Finansal okuryazarlık araştırması: Erciyes Üniversitesi öğrencileri üzerinde bir uygulama. Uluslararası Yönetim İktisat ve İşletme Dergisi, 30, 308–318.
  • Sekita, S. (2011). Financial literacy and retirement planning in Japan, Journal of Pension Economics and Finance, 10(4), 637-656.
  • Senda, D. A., Rahayu, C. W. E., and 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.
  • Stella, G. P., Filotto, U., Cervellati, E. M. and Graziano, E. A. (2020). The effects of financial education on financial literacy in Italy. International Business Research, 13(4), 1–44.
  • Sulaiman, E. K. (2012).An empirical analysis of financial risk tolerance and demographic features of individual investors. Procedia Economics and Finance, 2, 109–115.
  • Taft, M. K., Hosein, Z. Z., Mehrizi, S. M. T. and Roshan, A. (2013). The relation between financial literacy, financial wellbeing and financial concerns. International Journal of Business and Management, 8(11), 63.
  • Van Rooij, M. C. J., Lusardi, A. and Alessie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32(4), 593–608.
  • Van Rooij, M., Lusardi, A. and Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472.
  • Volpe, R. P., Kotel, J. E. and Chen, H. (2002). A survey of investment literacy among online investors. Journal of Financial Counseling and Planning, 13(1), 1-16
  • Von Gaudecker, H.-M. (2015). How does household portfolio diversification vary with financial literacy and financial advice? The Journal of Finance, 70(2), 489-507
  • Wang, A. (2009). Interplay of investors’ financial knowledge and risk taking. The Journal of Behavioral Finance, 10(4), 204–213.
  • Watanapongvanich, S., Binnagan, P., Putthinun, P., Khan, M. S. R. and Kadoya, Y. (2020). Financial literacy and gambling behavior: evidence from Japan. Journal of Gambling Studies, 37 (2), 445-465.
  • Wong,A. and Carducci, B. (2013). Does personality affect personal financial risk tolerance behavior? IUP Journal of Applied Finance, 19(3), 5-19
  • Yıldırım, M., Bayram, F., Oğuz, A. and Günay, G. (2017). Financial literacy level of individuals and its relationships to demographic variables. Mediterranean Journal of Social Sciences, 8(3), 19-26

Year 2022, Issue: 89, 379 - 399, 03.03.2022

Yusuf Bahadır Kavas Mustafa Kenan Erkan

Abstract

References

  • Abreu, M., and Mendes, V. (2010). Financial literacy and portfolio diversification. Quantitative Finance, 10(5), 515–528.
  • Almenberg, J. and Säve-Söderbergh, J. (2011). Financial literacy and retirement planning in Sweden. Journal of Pension Economics and Finance, 10(4), 585–598.
  • Amagir, A., Groot, W., Maassen van den Brink, H. and Wilschut, A. (2018). A review of financial-literacy education programs for children and adolescents. Citizenship, Social and Economics Education, 17(1), 56–80.
  • Anbar, A. ve Melek, E. (2010). An empirical investigation for determining of the relation between personal financial risk tolerance and demographic characteristic. Ege Akademik Bakış Dergisi, 10(2), 503–522.
  • Anwar, M., Khan, S. Z. and Rehman, A. U. (2017). Financial literacy, behavioral biases and ınvestor’s portfolio diversification: empirical study of an emerging stock market. Journal of Finance and Economics Research, 2(2), 144–163.
  • Atkinson, A. and Messy, F.-A. (2012). Measuring financial literacy: results of the OECD/ International Network on Financial Education (INFE) pilot study, 15, 1-73
  • Bajo, E., Barbi, M., and Sandri, S. (2015). Financial literacy, households’ investment behavior, and risk propensity. Journal of Financial Management, Markets and Institutions, 3(1), 157–174.
  • Baker,H.K. and Haslem,J.A.(1974).The impact of investor socioeconomic characteristics on risk and return preferences. Journal of Business Research, 2(4), 469–476.
  • Bannier, C. E. and Neubert, M. (2016). Gender differences in financial risk taking: The role of financial literacy and risk tolerance. Economics Letters, 145, 130–135.
  • Bayar, Y., Sezgin, H. F., Öztürk, Ö. F. ve Şaşmaz, M. Ü. (2020). Financial literacy and financial risk tolerance of ındividual ınvestors: multinomial logistic regression approach. SAGE Open, 10(3), 1-11
  • Bertaut, C. C. (1998). Stockholding behavior of US households: evidence from the 1983– 1989 survey of consumer finances. Review of Economics and Statistics, 80(2), 263–275.
  • Bhatt,A. and Bhatt, S. (2020). Financial literacy and portfolio diversification: an empirical study in Ahmedabad. The Journal of Wealth Management, 23(1), 98–111.
  • Biçer, E. B. ve Altan, F. (2016). Üniversite öğrencilerinin finansal okuryazarlık ile ilgili tutum ve davranışlarının değerlendirilmesi. Journal of Graduate School of Social Sciences, 20(4), 1501-1517
  • Bradley, M. G. and Grahamt, J. W. (1988). Education and asset composition. Economics of Education Review, 7(2), 209–220.
  • Briers, B., Pandelaere, M., Dewitte, S., and Warlop, L. (2006). Hungry for money: The desire for caloric resources increases the desire for financial resources and vice versa. Psychological Science, 17(11), 939–943.
  • Bucher-Koenen, T. and Lusardi, A. (2011). Financial literacy and retirement planning in Germany. National Bureau of Economic Research, 10 (4), 565-584
  • Calvet, L. E., Campbell, J. Y. and Sodini, P. (2009). Fight or flight? Portfolio rebalancing by individual investors. The Quarterly Journal of Economics, 124(1), 301–348.
  • Campbell, J. Y., and Viceira, L. M. (1999). Consumption and portfolio decisions when expected returns are time varying. The Quarterly Journal of Economics, 114(2), 433–495.
  • Christelis, D., Jappelli, T. and Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18–38.
  • Coates, J. M., and Herbert, J. (2008). Endogenous steroids and financial risk taking on a London trading floor. Proceedings of the National Academy of Sciences, 105(16), 6167–6172.
  • Durmuşkaya, S. ve 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, 25(3), 925–939.
  • Fonseca, R., Mullen, K. J., Zamarro, G. and Zissimopoulos, J. (2012). What explains the gender gap in financial literacy? The role of household decision making. Journal of Consumer Affairs, 46(1), 90–106.
  • Gibson, R., Michayluk, D. and Van de Venter, G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review, 22 (1), 23-50
  • Goetzmann, W. N. and Kumar, A. (2008). Equity portfolio diversification. Review of Finance, 12(3), 433–463.
  • Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625– 630.
  • Grable, J. E. and Joo, S.-H. (2004). Environmental and biophysical factors associated with financial risk tolerance. Journal of Financial Counseling and Planning, 15(1),73-82
  • Grable, J. E. and Joo, S. (1999). Factors related to risk tolerance: A further examination. Consumer Interests Annual, 45(1), 53–58.
  • Grable, J. E. and Lytton, R. H. (1998). Investor risk tolerance: Testing the efficacy of demographics as differentiating and classifying factors. Journal of Financial Counseling and Planning, 9(1), 61–74.
  • Grable, J. and Lytton, R. H. (1999). Financial risk tolerance revisited: the development of a risk assessment instrument. Financial Services Review, 8(3), 163–181.
  • Gürbüz, S. ve Şahin, F. (2014). Sosyal bilimlerde araştırma yöntemleri, 1. Baskı, Ankara: Seçkin Yayıncılık, 271.
  • Hendrawaty, E., Irawati, N. and Sadalia, I. (2020). Financial literacy, demographic differences and financial risk tolerance level: A case study. Journal of Security and Sustainability Issues, 9, 187–201.
  • Jonubi, A. and Abad, S. (2013). The impact of financial literacy on individual saving: an exploratory study in the Malaysian context. Transformations in Business and Economics, 12(1), 28, 41-55
  • Kannadhasan, M. (2015). Retail investors’ financial risk tolerance and their risk-taking behaviour: The role of demographics as differentiating and classifying factors. IIMB Management Review, 27(3), 175–184.
  • Karasar, N. (2011). Bilimsel Araştırma Yöntemleri. Ankara: Nobel Yayınları.
  • Kılıç,Y.,Ata, H.A. ve Seyrek,İ. H.(2015). Finansal okuryazarlık: Üniversite öğrencilerine yönelik bir araştırma. Muhasebe ve Finansman Dergisi, 66, 129–150.
  • Klapper, L. and Panos, G. A. (2011). Financial literacy and retirement planning: The Russian case. Journal of Pension Economics and Finance, 10(4), 599 ­ 618
  • Knutson, B., Taylor, J., Kaufman, M., Peterson, R. and Glover, G. (2005). Distributed neural representation of expected value. Journal of Neuroscience, 25(19), 4806– 4812.
  • Koot, S., Zoratto, F., Cassano, T., Colangeli, R., Laviola, G., Van Den Bos, R. andAdriani, W. (2012). Compromised decision-making and increased gambling proneness following dietary serotonin depletion in rats. Neuropharmacology, 62(4), 1640- 1650
  • Li, J., Li, Q. and Wei, X. (2020). Financial literacy, household portfolio choice and investment return. Pacific-Basin Finance Journal, 62, 1-15
  • Lusardi, A. and Mitchell, O. S. (2007). Financial literacy and retirement planning: New evidence from the Rand American Life Panel. Michigan Retirement Research Center Research Paper No. WP, 157,1-36
  • Lusardi, A. and Mitchell, O. S. (2011a). Financial literacy and retirement planning in the United States. Journal of Pension Economics and Finance, 10(4): 509-525.
  • Lusardi, A. and Mitchell, O. S. (2011b). Financial literacy around the world: an overview. Journal of Pension Economics and Finance, 10(4): 497-508.
  • Lusardi, A. and Mitchell, O. S. (2012). Numeracy, financial literacy, and financial decision-making. In journal of economic literature National Bureau of Economic Research, 52(1), 1-15
  • Lusardi, A. and Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
  • Lusardi, A., Mitchell, O. S. and Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358–380.
  • Montford, W., and Goldsmith, R. E. (2016). How gender and financial self-efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1),101-106
  • Mouna, A. and Jarboui, A. (2015). Financial literacy and portfolio diversification: an observation from the Tunisian stock market. International Journal of Bank Marketing, 33, 808-822
  • Mwangi, E. and Onsomu, Z. (2018). Effect of financial literacy on portfolio diversification at the Nairobi securities exchange market, Kenya. Journal of Finance and Investment Analysis, 7(4), 1–3.
  • Niu, G., Zhou, Y. and Gan, H. (2020). Financial literacy and retirement preparation in China. Pacific-Basin Finance Journal, 59,1-17
  • Preston, A. C., and Wright, R. E. (2019). Understanding the gender gap in financial literacy: Evidence from Australia. Economic Record, 95, 1–29.
  • Robinson, S., Walton, R. J., Clark, P. M., Barker, D. J. P., Hales, C. N. and Osmonde, C. (1992). The relation of fetal growth to plasma glucose in young men. Diabetologia, 35(5), 444–446.
  • Rolison, J. J., Hanoch, Y., Wood, S. and Liu, P.-J. (2013). Risk-taking differences across the adult life span: a question of age and domain. Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 69(6), 870–880.
  • Ryack, K. (2011). The impact of family relationships and financial education on financial risk tolerance. Financial Services Review, 20(3), 181-193
  • Şamiloğlu, F., Kahraman, Y. E. ve Bağcı, H. (2016). Finansal okuryazarlık araştırması: Erciyes Üniversitesi öğrencileri üzerinde bir uygulama. Uluslararası Yönetim İktisat ve İşletme Dergisi, 30, 308–318.
  • Sekita, S. (2011). Financial literacy and retirement planning in Japan, Journal of Pension Economics and Finance, 10(4), 637-656.
  • Senda, D. A., Rahayu, C. W. E., and 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.
  • Stella, G. P., Filotto, U., Cervellati, E. M. and Graziano, E. A. (2020). The effects of financial education on financial literacy in Italy. International Business Research, 13(4), 1–44.
  • Sulaiman, E. K. (2012).An empirical analysis of financial risk tolerance and demographic features of individual investors. Procedia Economics and Finance, 2, 109–115.
  • Taft, M. K., Hosein, Z. Z., Mehrizi, S. M. T. and Roshan, A. (2013). The relation between financial literacy, financial wellbeing and financial concerns. International Journal of Business and Management, 8(11), 63.
  • Van Rooij, M. C. J., Lusardi, A. and Alessie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32(4), 593–608.
  • Van Rooij, M., Lusardi, A. and Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472.
  • Volpe, R. P., Kotel, J. E. and Chen, H. (2002). A survey of investment literacy among online investors. Journal of Financial Counseling and Planning, 13(1), 1-16
  • Von Gaudecker, H.-M. (2015). How does household portfolio diversification vary with financial literacy and financial advice? The Journal of Finance, 70(2), 489-507
  • Wang, A. (2009). Interplay of investors’ financial knowledge and risk taking. The Journal of Behavioral Finance, 10(4), 204–213.
  • Watanapongvanich, S., Binnagan, P., Putthinun, P., Khan, M. S. R. and Kadoya, Y. (2020). Financial literacy and gambling behavior: evidence from Japan. Journal of Gambling Studies, 37 (2), 445-465.
  • Wong,A. and Carducci, B. (2013). Does personality affect personal financial risk tolerance behavior? IUP Journal of Applied Finance, 19(3), 5-19
  • Yıldırım, M., Bayram, F., Oğuz, A. and Günay, G. (2017). Financial literacy level of individuals and its relationships to demographic variables. Mediterranean Journal of Social Sciences, 8(3), 19-26
There are 67 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Yusuf Bahadır Kavas

Mustafa Kenan Erkan This is me

Publication Date March 3, 2022
Published in Issue Year 2022 Issue: 89

Cite

APA Kavas, Y. B., & Erkan, M. K. (2022). BİREYSEL YATIRIMCILARIN FİNANSAL OKURYAZARLIK VE FİNANSAL RİSK ALMA TOLERANSI. EKEV Akademi Dergisi(89), 379-399.
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