Islamic financial literacy in the context of behavioral economics: The case of Aydın province

The aim of this study is to examine the relationship between Islamic financial literacy and behavioral economics theories and to investigate the impact of this relationship on financial decision-making. The research was conducted using a survey design, one of the quantitative methods. The "Islamic Financial Literacy Scale" developed by Altundere Doğan (2020), the global survey "Global Evidence on Economic Preferences" by Falk (2018), which measures altruistic behaviors, and questions derived from the Public Goods Game strategy were administered to 410 participants aged 18 and above residing in Aydın, Turkey. This study aimed to identify participants' levels of Islamic financial literacy and the relationship between Islamic financial literacy and altruistic behavior. However, it was determined that participants' Islamic financial literacy levels were low and that altruism levels did not significantly impact their Islamic financial literacy. On the other hand, a significant relationship was found between participants' income levels and their Islamic financial literacy. Based on the findings, recommendations have been proposed for strategies that encourage the adoption and use of Islamic financial products. This study is expected to contribute to knowledge in both the academic field and the Islamic finance sector.