Determination of the Individual Level of Financial Literacy: A Study in Kardemir Inc.
Murat YILDIRIM Fatih BAYRAM Ahmet OĞUZ Gülay GÜNAY
AbstractDevelopments and innovations in financial market, product variety and the complexity of the products’ content entail people to take part in financial system consciously. Recently, the importance of financial literacy dramatically increased due to some factors such as the rise in people’s responsibility on decisions, innovations information and communication technology, swift changes in retirement and taxing policy, demographic changes in population, the failure of individual attempts and financial fraud. Each individual should be financially literate for financial security and comfort. Individuals’ self-consciousness on financial issues will not only prepare them for prospective hard economic conditions that may emerge in the future but also supports the development of the country on strong basis. In this perspective, the awareness of financial literacy will help to use the limited sources more affectively. In addition to this, it will also prevent the waste of sources by contributing the economy and improving the life-standards of the citizens. In this regards, the aim of the study will examine individuals’’ who are working in Kardemir Inc., financial literacy levels. The sample consists of individuals, who are working in Kardemir Inc. Data were collected through a demographic information form, Financial Literacy Index developed by Van Rooji et al. (2011). The obtained data will be evaluated by "SPSS for Window" statistical program. Finally, the findings are compared with the literature and some recommendations are suggested for individuals, executives and researchers.