Impact of Financial Literacy on Personal Saving: A Research on Usak University Staff

Yılmaz Bayar, H. Funda Sezgin, Ömer Faruk Öztürk, Mahmut Ünsal Şaşmaz

Abstract


The factors such as capital stock, human capital, technological progress, financial development, institutional development, development level of infrastructure and trade openness are one of the major determinants of long run economic growth. Financial literacy has potential to affect the economic growth by making contribution to the savings and development of financial sector. In this study, the impact of Usak University staff’s financial literacy on individual savings was searched with logistic regression analysis employing the data provided by means of questionnaire method. We found that financial literacy, income level, age and education level affected the individual savings positively, while risk tolerance influenced the individual savings negatively.

 

Keywords: financial literacy, individual savings, logistic regression

JEL Classification: D01, D12, D14


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