The relationship between behavioral biases of academicians and financial literacy levels: A study on Tokat Gaziosmanpaşa University

The aim of this study is to determine the relationship between the behavioral biases of Tokat Gaziosmanpaşa University academic staff and their financial literacy levels. In addition, it reveals the similar and different points of the behavioral biases and financial literacy levels of the academic staff working in the faculties, colleges and vocational schools of the university in the sample. In addition, it was aimed to determine the relationship between the demographic characteristics of the academic staff such as gender, title and income status, as well as their behavioral biases and financial literacy levels. For this purpose, an online questionnaire was applied to the academic staff of Tokat Gaziosmanpaşa University. The questionnaires were directed to all academic staff of the university and 379 participants were reached. The data obtained with the applied questionnaire were analyzed with SPSS package program. The data obtained through the questionnaire were first subjected to frequency analysis, then the arithmetic means of the variables included in the questionnaire were calculated. The reliability of the questionnaire was measured with the Cronbach Alpha coefficient, and Independent Two-Sample T-Test, One-Way Variance (ANOVA) Analysis, Correlation and Regression analyzes were performed. According to the results of the analysis it was determined that the academic staff participating in the survey were financially literate at a high level, but still remained under the influence of moderate behavioral biases. In addition, it was concluded that the behavioral biases of academics differ according to age, gender, academic title and the unit they work in and their financial literacy levels differ according to age, gender and the unit they work in. In addition, a positive and very weak relationship was found between the behavioral biases of academicians and the level of financial literacy, and it was concluded that the financial literacy levels of academicians affected their behavioral biases by 21.3%. Key Words: Behavioral Finance, Financial Literacy, Behavioral Biases, Dimensions of Financial Literacy