Determination of financial literacy level of high school students: Sakarya province sample

Some of the indicators that show the economic development of countries are national income, growth, inflation, loan, and investment rates. The main agenda of policy makers is to improve these economic data and increase social welfare. Therefore, one of the main determinants is the financial literacy level of individuals at high school level who will be the main actors in the economic world of tomorrow and who will take part in management, politics, and business life. Individuals with different demographic characteristics of the society have started to benefit from financial products and services as access to financial products and services have become easier especially due to technological developments. However, financial systems, financial products and services have also changed. This change has made individuals vulnerable to financial risks. Therefore, the concept of financial literacy has turned into a concept that concerns the whole society. The level of financial literacy in individuals is closely related to their ability to make correct financial decisions, be aware of economic risks, plan their future correctly, and contribute to the welfare of society. The main aim of this study is to determine the financial literacy level of students attending different types of high schools in secondary education institutions and to compare them with high school students who are studying in the accounting and finance department, which includes many contents related to financial literacy in their curriculum. Accordingly, how much knowledge students in secondary education institutions have about financial literacy, which methods they use for financial access, and how they develop financial attitudes and behaviors was aimed to be determined in the study. To achieve the objectives, the study has been divided into three sections. The first section provides an overview of the conceptual framework of financial literacy. In the second section of the study, information about the concept of financial education, both in Türkiye and worldwide, is presented. The third section presents the findings and results of the study. During the development of the research inputs, based on the predetermined objectives, the survey method was selected as one of the quantitative research methods considering the literature related to the topic. The study was conducted with 438 participants in secondary education institutions in the central districts of Sakarya province, including Adapazarı, Arifiye, Erenler and Serdivan in the second semester of the 2022-2023 academic year. The data obtained from the questionnaire regarding the participants were analyzed using SPSS program. In this study, the financial literacy level of high school students in Sakarya province was examined and the financial literacy level of students studying in the accounting and finance department was compared with students studying in other types of high schools. Based on the data obtained, it was concluded that high school students studying in the field of accounting and finance do not show a significant difference in terms of financial knowledge, financial attitudes, and financial behaviors compared to students from other types of schools. Besides, the results indicated that the participants' level of financial knowledge and financial attitudes were higher than their financial behaviors. In light of these results, it is observed that participants were not able to turn their financial knowledge and positive financial attitudes into financial behavior.