Responsible Financial Behavior: Similarities and Differences between Youth in Türkiye and Lithuania
DOI:
https://doi.org/10.18662/rrem/17.3/1041Keywords:
responsible financial behavior, financial education, financial literacy, financial knowledge, financial decisionAbstract
This research compares the financial behaviors of university students in Lithuania and Türkiye, focusing on each financial behavior individually. The study also examines how gender and income levels affect responsible financial behaviors. The results indicate that Lithuanian students demonstrate more responsible financial behaviors than their Turkish counterparts. Gender does not appear to significantly impact responsible financial behaviors for students in either country; however, a correlation exists between higher income levels and responsible financial behaviors. While Turkish students show more responsible behaviors in terms of budget planning, Lithuanian students excel in responsible savings behavior. Furthermore, Lithuanian students tend to have a more optimistic outlook on their financial futures, whereas Turkish students have lower expectations compared to Lithuanian students. These findings provide valuable insights for educational authorities seeking to improve students' financial knowledge and promote responsible financial behaviors. The results suggest that tailored financial education programs could be developed based on this research.
References
Agresti. A. (2007). An introduction to categorical data analysis. John Wiley & Sons, Inc., Hoboken.
Atik, M., Yılmaz, B., & Köse, Y. (2018). The impacts of mental prejudices on individual finacial judgements: mental accounting. International Journal of Economic and Administrative Studies, 17, 717-730. https://doi.org/10.18092/ulikidince.434349
Baker, H.K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124-146. https://doi.org/10.1108/MF-01-2018-0003
Bakır, M., & Abdi, Y. (2024). The effect of education on financial literacy level: An analysis among university departments. Journal of Economics, Finance and Sustainability, 2(1), 36-62. https://doi.org/10.5281/zenodo.12370012
Baltacı N., & Kütük E. (2020). Üniversite Öğrencilerinin Finansal Okuryazarlık Seviyelerinin Belirlenmesi Üzerine Bir Araştırma: Doğu Karadeniz Örneği [Study on determining the financial literacy level of university students: East black sea sample]. Gümüşhane University Journal of Social Sciences Institute, 11(3), 846-857
Barbić, D., Lučić, A., & Chen, J. M. (2019). Measuring responsible financial consumption behaviour. International Journal of Consumer Studies, 43(1), 102-112. https://doi.org/10.1111/ijcs.12489
Bolboacă, S. D., Jäntschi, L., Sestraş, A. F., Sestraş, R. E., & Pamfil, D. C. (2011). Pearson-Fisher chi-square statistic revisited. Information, 2(3), 528-545. https://doi.org/10.3390/info2030528
Brounen, D., Koedijk, K. G., & Pownall, R. A. (2016). Household financial planning and savings behavior. Journal of International Money and Finance, 69, 95-107. https://doi.org/10.1016/j.jimonfin.2016.06.011
Canatan, B., Özbilge, G., & İpek, E. (2024). Social determinants of household financial asset choice. International Journal of Economics and Administrative Studies, 43, 91-108. https://doi.org/10.18092/ulikidince.1416671
Çetin, M. (2023). An examination on financial literacy and investor education initiatives at the global and national level. Dogus University Journal, 25(1), 241-259. https://doi.org/10.31671/doujournal.1301010
Chen, F., Jiang, G., & Gu, M. (2024). Financial knowledge and responsible credit card behavior: Exploring mediators and moderators. International Journal of Bank Marketing, 42(5), 1092-1113. https://doi.org/10.1108/IJBM-07-2023-0404
Çinko, M., Avcı, E., Ergun, S., & Tekçe, M. (2017). Financial literature levels of university students: An example of Marmara University. Marmara Business Review, 2(1), 25-50. https://dergipark.org.tr/en/download/article-file/323674
Commain, S., & Šebo, J. (2024). Will you afford to retire? The real return on long-term and pension savings. A research report by BETTER FINANCE. https://betterfinance.eu/wp-content/uploads/BETTERFINANCE_WillYouAffordToRetire24_Lithuania.pdf
Corder, G. W., & Foreman, D. I. (2014). Nonparametric statistics: A step-by-step approach. John Wiley & Sons, Inc., Hoboken.
Dolan, P., Elliott, A., Metcalfe, R., & Vlaev, I. (2012). Influencing financial behavior: From changing minds to changing contexts. Journal of Behavioral Finance, 13(2), 126–142. https://doi.org/10.1080/15427560.2012.680995
EGM. (2024). Pension Monitoring Service. https://www.egm.org.tr/
Ergün, K., & Serel, A. (2019). Üniversite Öğrencilerinin Finansal Okuryazarlığı: Balıkesir Üniversitesi Örneği [Financial literacy among university students: A sample of Balikesir University]. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 8(2), 1385-1410. https://doi.org/10.15869/itobiad.560067
Ergün, T. (2024). Fi̇nansal kararlari etki̇leyen faktörler: meslek yüksekokul öğrenci̇leri̇ üzeri̇ne bi̇r araştirma [Factors influencing financial decisions: A research on vocational school students]. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, 25(2), 16-39. https://doi.org/10.24889/ifede.1443000
Fettahoğlu, S., & Kıldıze, D. (2019). Dijital Finansal Okuryazarlık ve Bireylerin Finansal Teknoloji Kullanma Konusundaki Tutumları [Digital financial literacy and attitudes of individuals about using financial technologies]. OPUS Uluslararası Toplum Araştırmaları Dergisi, 12, 867-889. https://doi.org/10.26466/opus.584628
Franke, T. M., Ho, T., & Christie, C. A. (2012). The chi-square test: Often used and more often misinterpreted. American Journal of Evaluation, 33(3), 448–458. https://doi.org/10.1177/1098214011426594
Funder, D. C., & Ozer, D. J. (2019). Evaluating effect size in psychological research: Sense and nonsense. Advances in Methods and Practices in Psychological Science, 2(2), 156-168. https://doi.org/10.1177/2515245919847202
Gedvilaitė, D., Gudaitis, T., Lapinskienė, G., Brazaitis, J., Žižys, J., & Podviezko, A. (2022). Sustainability literacy and financial literacy of young people in the Baltic States. Sustainability, 14(21), 14013. https://doi.org/10.3390/su142114013
Göktürk, İ. E., & Soydan, E. (2021). Financial decision-making process in individuals within the framework of mental accounting tendency: An evaluation on financial social work. Journal of Society & Social Work, 32(4), 1543-1564. https://doi.org/10.33417/tsh.903821
Gümüş, U. T., & Pailer, M. K. (2019). Öğrencilerin Finans Dersi Alma Durumunun Finansal Okur Yazarlık Seviyesine Etkisi: Bir Nazilli Örneği [The effect of students’ finance learning situation on the level of financial literacy: A case of Nazilli]. OPUS Uluslararası Toplum Araştırmaları Dergisi, 11(18), 1494-1516. https://doi.org/10.26466/opus.553171
Güvemli, B., & Meydan, S. (2019). Üniversite ÖğrencilerininFinansal Davranışları ve Finansal Tutumları: Trakya Üniversitesi Örneği [Financial attitudes and behaviors of college students: evidence from Trakya University]. Muhasebe ve Finansman Dergisi, 171-184. https://doi.org/10.25095/mufad.606012
Hoffmann, A. O., & Risse, L. (2020). Do good things come in pairs? How personality traits help explain individuals' simultaneous pursuit of a healthy lifestyle and financially responsible behavior. Journal of Consumer Affairs, 54(3), 1082-1120. https://doi.org/10.1111/joca.12317
Jurkševičiūtė, G., Morkūnienė, V., Žvironienė, A., & Danielytė, J. (2023). Students’ fınancıal literacy knowledge research: The case of Kauno Kolegıja Higher Education Institution. ETR, 2, 119-125. https://doi.org/10.17770/etr2023vol2.7266
Kahneman, D., & Tversky, A. (1996). On the reality of cognitive illusions. Psychological Review, 103(3), 582–591. https://doi.org/10.1037/0033-295X.103.3.582
Kaiser, T., & Menkhoff, L. (2017). Does financial education impact financial literacy and financial behavior, and if so, when? The World Bank Economic Review, 31(3), 611-630. https://doi.org/10.1093/wber/lhx018
Klapper, L., Lusardi, A., & Van Oudheusden, P. (2015). Financial literacy around the world: Insights from the Standard & Poor’s ratings services global financial literacy survey. https://gflec.org/wp-content/uploads/2015/11/Finlit_paper_16_F2_singles.pdf
Lamanauskas, V., & Augienė, D. (2019). Lithuanian gymnasium students’ career education: Professional self-determination context. Psychological Thought, 12(2), 93-116. https://doi.org/10.5964/psyct.v12i2.374
Landis, S. E., Barrett, M, & Galvin, S. L. (2013). Effects of different models of integrated collaborative care in a family medicine residency program. Families, Systems and Health, 31, 264-273. https://doi.org/10.1037/a0033410
Legenzova, R., Gaigalienė, A., & Leckė, G. (2019). Impact of parental financial socialization factors on financial literacy of Lithuanian high school students. Acta Prosperitatis, 10, 41-58. https://www.turiba.lv/storage/files/ap10-e-versija_1.pdf#page=42
MacDonald. P. L., & Gardner. R. C. (2000). Type I error rate comparisons of post hoc procedures for I j Chi-Square tables. Educational and Psychological Measurement, 60(5), 735-754. https://doi.org/10.1177/00131640021970871
Mandell, L., & Klein, L. S. (2009). The impact of financial literacy education on subsequent financial behavior. Journal of Financial Counseling and Planning, 20(1), 15–24. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2224231
Mpaata, E., Koske, N., & Saina, E. (2023). Does self-control moderate financial literacy and savings behavior relationship? A case of micro and small enterprise owners. Current Psychology, 42(12), 10063-10076. https://doi.org/10.1007/s12144-021-02176-7
Nilsson, J. (2008). Investment with a conscience: Examining the impact of pro-social attitudes and perceived financial performance on socially responsible investment behavior. Journal of Business Ethics, 83, 307-325. https://doi.org/10.1007/s10551-007-9621-z
OECD (2016). OECD/INFE International survey of adult financial literacy competencies. OECD Publishing, Paris. https://doi.org/10.1787/28b3a9c1-en
OECD. (2023). OECD/INFE 2023 International survey of adult financial literacy. OECD Business and Finance Policy Papers, No. 39, OECD Publishing, Paris. https://doi.org/10.1787/56003a32-en
Özbek, A. (2021). Fi̇nansal sağliği etki̇leyen faktörleri̇n bi̇reyi̇n fi̇nansal öz yeterli̇li̇ği̇ üzeri̇ndeki̇ etki̇leri̇ni̇n tespi̇t edi̇lmesi̇ [Determination of the factors affecting financial health on the effects of the individual financial self-sufficiency]. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 43, 27-38. https://doi.org/10.30794/pausbed.658
Platz, P., & Veres, Z. (2014). Understanding consumer preference biases. Journal of Applied Economics and Business, 2(1), 105-119. https://www.aebjournal.org/articles/0201/020106.pdf
Posner, R. A. (1997). Rational choice, behavioral economics, and the law. Stanford Law Review, 50, 1551. https://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=2879&context=journal_articles
Rey-Ares, L., Fernández-López, S., Castro-González, S., & Rodeiro-Pazos, D. (2021). Does self-control constitute a driver of millennials’ financial behaviors and attitudes? Journal of Behavioral and Experimental Economics, 93, 101702. https://doi.org/10.1016/j.socec.2021.101702
Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2061308
Sharpe, D. (2015). Chi-square test is statistically significant: Now what? Practical Assessment, Research, and Evaluation, 20(1), 8. https://doi.org/10.7275/tbfa-x148
Shirai, T., & Beresneviciene, D. (2005). Future orientation in culture and socio-economic changes: Lithuanian adolescents in comparison with Belgian and Japanese. Baltic Journal of Psychology, 26(1), 21-31. https://core.ac.uk/download/pdf/71746865.pdf#page=21
Şimşek, T., Hithit, M., & Şimşek, N. (2021). Fi̇nansal okuryazarlik ve para yöneti̇mi̇ne i̇li̇şki̇n tutum ve davranişlarin beli̇rlenmesi̇ [Identification of attitude and behaviors related on financial literacy and money management]. Enderun Dergisi, 5(2), 117-143. https://dergipark.org.tr/tr/download/article-file
Sönmez, Y., & Kılıç, E. (2020). Fi̇nansal okuryazarlik düzeyleri̇ni̇n beli̇rlenmesi̇ne yöneli̇k bi̇r araştirma: kastamonu üni̇versi̇tesi̇ örneği̇ [A research on determination of financial literacy levels: case of Kastamonu University]. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 10(2), 479-497. https://doi.org/10.30783/nevsosbilen.67655
Stolper, O. A., & Walter, A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics, 87, 581-643. https://doi.org/10.1007/s11573-017-0853-9
Tetik, N. (2019a). Üniversite Öğrencilerinin Finansal Okuryazarlık Düzeylerinin İncelenmesi: İnönü Üniversitesi Örneği [Investigation of financial literacy levels of university students: Inonu University example]. MANAS Sosyal Araştırmalar Dergisi, 8(3), 2755-2774. https://doi.org/10.33206/mjss.498767
Tetik, N. (2019b). Türki̇ye’ni̇n fi̇nansal okuryazarlik düzeyi̇: li̇teratür taramasi ve sonuçlarin değerlendi̇ri̇lmesi̇ [The level of financial literacy: a literature survey and the evaluation of results]. Turkish Studies, 14(6), 3505-3524. https://doi.org/10.29228/TurkishStudi
Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of Economic Behavior & Organization, 1(1), 39-60. https://doi.org/10.1016/0167-2681(80)90051-7
Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(5), 183-206. https://doi.org/10.1002/(SICI)1099-0771(199909)12:3<183::AID-BDM318>3.0.CO;2-F
Tomer, J. F. (2007). What is behavioral economics? The Journal of Socio-Economic 36(3), 463-479. https://doi.org/10.1016/j.socec.2006.12.007
Ulbinaite, A., Gudaitis, T., & Baranauskas, M. (2023). Personal finance management skills and financial sustainability literacy knowledge of generation y: an empirical analysis in Lithuania. Review of European Studies, 15(3), 1-16. https://doi.org/10.5539/res.v15n3p16
van Raaij, W. F. (2016). Responsible Financial Behavior. In Understanding Consumer Financial Behavior: Money Management in an Age of Financial Illiteracy (pp. 127-141). New York: Palgrave Macmillan US https://doi.org/10.1057/9781137544254_10
Vosylis, R., & Klimstra, T. (2022). How does financial life shape emerging adulthood? Short-term longitudinal associations between perceived features of emerging adulthood, financial behaviors, and financial well-being. Emerging Adulthood, 90-108. https://doi.org/10.1177/2167696820908970
Wiedmaier, B. (2017). Phi coefficient. In: The sage encyclopedia of communication research methods, 1231-1232. SAGE Publications, Inc. https://doi.org/10.4135/9781483381411
Yılmaz, H., & Kaymakçı, T. (2021). Fi̇nansal davranişlar ve fi̇nansal okuryazarlik i̇li̇şki̇si̇ [The relationship between financial behavior and financial literacy]. Akademik Hassasiyetler, 8(15), 141-164. https://dergipark.org.tr/tr/download/article-file/1
Yürük, M. F. (2023). Finansal Okuryazarlık Düzeylerinin Belirlenmesine Yönelik Bir Araştırma: Dicle Üniversitesi Örneği [A research on determining financial literacy levels: The case of Dicle University]. Dicle Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 33, 426-452. https://doi.org/10.15182/diclesosbed.1262291
Zengin, B., & Şengel, Ü. (2020). Fi̇nansal davranişlar ve fi̇nansal okuryazarlik i̇li̇şki̇si̇ [Determination of the anxiety and expectations of university students about their future]. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 7(2), 435-454. https://doi.org/10.17541/optimum.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 The Authors & InManifest Network
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant this journalright of first publication, with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work, with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g. post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g. in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as an earlier and greater citation of published work (See The Effect of Open Access).
Revista Romaneasca pentru Educatie Multidimensionala Journal has an Attribution-NonCommercial-NoDerivs
CC BY-NC-ND
