Determining Advanced and Basic Financial Literacy Relations and Overconfidence, and Informative Social Media Association of University Students in Turkey

Abstract

The purposes of the paper are, first, to investigate financial literacy in university students and to determine the relationship between basic and advanced financial literacy; second, to present a positive association between social media usage and financial literacy; third, to examine demographic factors consistent with previous studies; and, fourth, to assess students’ confidence in their knowledge. We surveyed 1,119 university students and found that advanced literacy and basic literacy are significantly related and some of advanced literacy can be explained by basic literacy. Following the pages or accounts of famous economists, benefiting from economics, and gaining exposure to finance course materials, and posting financial and economic issues increase advanced financial literacy. Financial literacy differs on the basis of age, class, and major areas of study. University students are overconfident in their ability to interpret financial and economic news and data.