Does high level of financial literacy improve financial well-being of young adults in Bristol and Istanbul?

Akin, I ORCID: 0000-0003-0918-7441 (2022) 'Does high level of financial literacy improve financial well-being of young adults in Bristol and Istanbul?' Üçüncü Sektör Sosyal Ekonomi Dergisi, 57 (2). pp. 703-740. ISSN 2148-1237

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Abstract

A high level of financial well-being is dependent on an individual's level of financial literacy, as it increases the chance of making sound financial decisions. In this context, the aim of this research is to raise financial literacy among young adults in order to prevent them from making poor financial decisions. The financial literacy level of young individuals in Bristol, UK, and Istanbul, Turkey is measured using the characteristics of financial knowledge, financial behaviour, financial attitude, and culture. This study focuses on people in their late teens or early twenties to thirties — young adults – because they comprise the majority of the population in these two different regions. As a result, the economies of Bristol and Istanbul are heavily influenced by the financial decisions of young individuals, as are existing financial goods and services such as pensions, investments, savings, loans, mortgages, and insurance. The study's findings show that financial knowledge is the most significant factor in raising young adults' financial literacy levels, yet financial well-being may not improve unless financial knowledge is put into practice.

Item Type:	Article
UN SDGs:	Goal 1: No Poverty
Keywords:	financial literacy, financial knowledge, financial behaviour, financial attitude, financial well-being
Subjects:	H Social Sciences > HG Finance
Divisions:	Bath Business School
Identification Number:	https://doi.org/10.15659/3.sektor-sosyal-ekonomi.22.04.1771
Date Deposited:	16 Aug 2023 11:03
Last Modified:	16 Aug 2023 11:03
URI / Page ID:	https://researchspace.bathspa.ac.uk/id/eprint/15586

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