Financial literacy and the effects of social media on financial literacy: The case of Samsun

Financial literacy is directly related to individuals' ability to manage their financial situation, and various studies have indicated that this level is low in Turkey. Improving individuals' financial knowledge can contribute to economic development at both individual and societal levels. In this context, social media plays a significant role in disseminating financial information by quickly reaching large audiences. This study aims to examine the level of financial literacy in Turkey and the impact of social media on this issue. The research was conducted on individuals aged 18-65 in Samsun, using a survey as the data collection method. According to the survey results, the average financial knowledge level of the participants was 3.92±1.69, which was generally found to be low. Male participants had higher financial knowledge than females, and the financial knowledge of younger age groups was significantly lower compared to older groups. It was found that as education and income levels increased, financial knowledge levels rose, and those who used credit cards and private pension systems (BES) had higher financial knowledge levels. The impact of social media usage on financial literacy was generally found to be weak. While this relationship was stronger among males than females, no significant differences were detected in terms of age, education, income, or other demographic characteristics. In conclusion, these findings indicate that the factors influencing the relationship between financial literacy and social media usage are complex and do not show significant differences based on demographic or financial behaviors. This suggests that other strategies beyond social media are needed to improve financial literacy. One of the main limitations of the research is the challenge of reaching a suitable sample from the target audience within a specific budget and time frame. Another limitation is that the research results are only evaluated for households living in the city of Samsun, meaning that the financial literacy levels and the impact of social media on financial behavior in other regions or cities could not be measured.