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EVIDENCE FROM RESEARCH 
2ND OECD-GFLEC GLOBAL RESEARCH SYMPOSIUM TO ADVANCE FINANCIAL LITERACY 
4 NOV 2014, PARIS, FRANCE
Domestic saving to GDP fell from 23.5% in 1990s to 12% in 2013 
Real estate and gold is the dominant investment instruments 
BIST Market Capitalization- 34 % of GDP (2013) 
Pension Funds-1,2% of GDP (2013) 
This decline in savings ratio is basically the result of decline in household savings. For this reason, one of the policy priorities in the Medium Term Program and 10th Development was determined as increasing the level of savings and one of the required policy tools as emphasizing financial education.
Deposit account – over 102 million (2014) 
Credit Account – over 57 million (2014) 
ATM machines – 42.200 (55 machine per 100.000 person) (2014) 
Bank branches – 10.960 (15 branch per 100.000 person) (2014) 
Pension Fund Investor – 4.9 million (2014) 
Total Asset Value of Pension Fund – 30 billion Dolar (2014) 
Equity Market Investor – about 1 million (2014) 
These figures indicate that financial access is not a posing a problem and hence NS does not include a distintinct action plan for financial inclusion. Yet, figures with respect to capital markets address further work to be done in order to promote capital market products.
Conducted among women (509) and university students (3625) by the CMB in 2011 (supported by EU Funds) 
Women (mainly housewives): 
-62 % do not regularly save from household income 
-52% of the ones who indicated saving money do not invest in capital market investments 
-72 % use credit cards 
-85% do not consider themselves knowledgeable about capital markets 
-Gold is the most trusted investment instrument (46%) 
-Mostly preferred delivery (education) channel is seminars (32%) 
In order to enroll more women into pension fund system government contribution system was introduced in 2013 and delivery channels were determined as mainly seminars for women in the NS.
No 
19% 
Yes 
80% 
No 
Response 
1% 
-Women- 
“Do you make household budget?” 
Yes No 
No 
Response 
Primary School 79% 19% 2% 
High school 80% 19% 1% 
University 79% 21% 0% 
0-1000 TL 75% 22% 3% 
1000 TL-2000 TL 81% 19% 0% 
2000 TL and over 83% 16% 1%
-Women- 
“Do you regularly save money from 
your household income?” 
Yes 
No 
No Response 
Primary School 
28,5% 
70,1% 
1,5% 
High school 
34,3% 
65,2% 
,6% 
University 
46,3% 
53,1% 
,6% 
0-1000 TL 
19,5% 
78,9% 
1,6% 
1000 TL-2000 TL 
35,0% 
64,6% 
,4% 
2000 TL and over 
58,7% 
39,7% 
1,7% 
No62 % Yes37 % No Response1 %
-Women- 
“Do you use credit cards?” 
Yes 
No 
No Response 
Primary School 
59,1% 
38,0% 
2,9% 
High school 
74,0% 
23,2% 
2,8% 
University 
81,9% 
17,5% 
,6% 
0-1000 TL 
54,7% 
42,2% 
3,1% 
1000 TL-2000 TL 
77,0% 
20,8% 
2,2% 
2000 TL and over 
86,0% 
12,4% 
1,7% 
No Response3 % No26 % Yes72 %
University Students (participants from 25 universities): 
-A total of 59 concepts were subjected to the opinions of the students 
-The level of awareness of basic concepts related to capital markets is high (Risk, Maturity, Return etc) 
-The financial instrument that participants are most aware of is “equity” (97%), however the rate of the ones who reported to be knowledgeable of “equity” falls to 61% 
-Low level of knowledge in financial concepts 
-72% prefer to get information from the internet 
University students are a distinct group in the NS and a financial education website is designed mainly to meet their needs.
A nationwide study (a geographically and socio-economically representative nationwide sample, 3009 households) 
Conducted to inquire into financial capabilities, skills, behaviors, tendencies, and decision-making patterns of citizens across Turkey 
Designed to provide input for active policies and programs that would enhance financial literacy and make efficient use of available resources in the country. 
The survey was sponsored by the IBRD (Selection No. 1046162) and fielded in April-June, 2012 using face-to face interview method. 
The survey instrument was developed in collaboration with the World Bank and with the contribution of the Capital Markets Board (CMB) of Turkey. It was based on the questionnaire previously tested by the World Bank in several other countries. Each country made their own distinct modifications in the questionnaire to be applied in their country.
Ratio of of correct responses increases with the socio-economic status 
84 % answer correctly to the question on simple division operation, however this ratio falls for questions on interest. 
Financial literacy level is low in general. So the NS targets whole population, but target groups were specified based on their varying needs.
Correct answer [YÜZDE] 
Other [YÜZDE] 
Don’t know [YÜZDE] 
No answer [YÜZDE]
61% declare no money left after mandatory expenses 
Mostly cited reason for saving is emergency cases and health expenses 
55% claim to use debt or consumer credit for fixed expenses and 51% borrows to pay existing debts 
Indebtedness in a severe problem in Turkey. BRSA is taking measures to inhibit excessive use of credit cards. In addition, the NS entails actions to increase awareness on informed and responsible consumption.
78% state that they plan for financial issues but the maturity is less than 6 months (52%) 
36% is planning to work in order to accomodate their lives after retirement 
80% worry about making ends meet after retirement 
Elderly and retired people are separate target groups in the NS. In addition, employed people are planned to be educated on financial matters and retirement planning.
Main Goals: 
to help citizens to improve their understanding of capital markets- related financial concepts and products; and manage their money 
to provide information and tools to help citizens make informed decisions about their finances 
to improve saving investment culture of general public 
to increase access to financial services and hence making progress in financial inclusion
TARGET GROUPS 
General Public with an emphasis on: 
University students 
School-aged children 
Women (including unbanked) 
Employees (public and private sector) 
Retired people 
Current and potential investors 
Others (Handicapped people, newly married couples, unemployed people etc.)
Thank you !

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ORUC Bora - 2014 Symposium to Advance Financial Literacy

  • 1. EVIDENCE FROM RESEARCH 2ND OECD-GFLEC GLOBAL RESEARCH SYMPOSIUM TO ADVANCE FINANCIAL LITERACY 4 NOV 2014, PARIS, FRANCE
  • 2. Domestic saving to GDP fell from 23.5% in 1990s to 12% in 2013 Real estate and gold is the dominant investment instruments BIST Market Capitalization- 34 % of GDP (2013) Pension Funds-1,2% of GDP (2013) This decline in savings ratio is basically the result of decline in household savings. For this reason, one of the policy priorities in the Medium Term Program and 10th Development was determined as increasing the level of savings and one of the required policy tools as emphasizing financial education.
  • 3. Deposit account – over 102 million (2014) Credit Account – over 57 million (2014) ATM machines – 42.200 (55 machine per 100.000 person) (2014) Bank branches – 10.960 (15 branch per 100.000 person) (2014) Pension Fund Investor – 4.9 million (2014) Total Asset Value of Pension Fund – 30 billion Dolar (2014) Equity Market Investor – about 1 million (2014) These figures indicate that financial access is not a posing a problem and hence NS does not include a distintinct action plan for financial inclusion. Yet, figures with respect to capital markets address further work to be done in order to promote capital market products.
  • 4. Conducted among women (509) and university students (3625) by the CMB in 2011 (supported by EU Funds) Women (mainly housewives): -62 % do not regularly save from household income -52% of the ones who indicated saving money do not invest in capital market investments -72 % use credit cards -85% do not consider themselves knowledgeable about capital markets -Gold is the most trusted investment instrument (46%) -Mostly preferred delivery (education) channel is seminars (32%) In order to enroll more women into pension fund system government contribution system was introduced in 2013 and delivery channels were determined as mainly seminars for women in the NS.
  • 5. No 19% Yes 80% No Response 1% -Women- “Do you make household budget?” Yes No No Response Primary School 79% 19% 2% High school 80% 19% 1% University 79% 21% 0% 0-1000 TL 75% 22% 3% 1000 TL-2000 TL 81% 19% 0% 2000 TL and over 83% 16% 1%
  • 6. -Women- “Do you regularly save money from your household income?” Yes No No Response Primary School 28,5% 70,1% 1,5% High school 34,3% 65,2% ,6% University 46,3% 53,1% ,6% 0-1000 TL 19,5% 78,9% 1,6% 1000 TL-2000 TL 35,0% 64,6% ,4% 2000 TL and over 58,7% 39,7% 1,7% No62 % Yes37 % No Response1 %
  • 7. -Women- “Do you use credit cards?” Yes No No Response Primary School 59,1% 38,0% 2,9% High school 74,0% 23,2% 2,8% University 81,9% 17,5% ,6% 0-1000 TL 54,7% 42,2% 3,1% 1000 TL-2000 TL 77,0% 20,8% 2,2% 2000 TL and over 86,0% 12,4% 1,7% No Response3 % No26 % Yes72 %
  • 8. University Students (participants from 25 universities): -A total of 59 concepts were subjected to the opinions of the students -The level of awareness of basic concepts related to capital markets is high (Risk, Maturity, Return etc) -The financial instrument that participants are most aware of is “equity” (97%), however the rate of the ones who reported to be knowledgeable of “equity” falls to 61% -Low level of knowledge in financial concepts -72% prefer to get information from the internet University students are a distinct group in the NS and a financial education website is designed mainly to meet their needs.
  • 9. A nationwide study (a geographically and socio-economically representative nationwide sample, 3009 households) Conducted to inquire into financial capabilities, skills, behaviors, tendencies, and decision-making patterns of citizens across Turkey Designed to provide input for active policies and programs that would enhance financial literacy and make efficient use of available resources in the country. The survey was sponsored by the IBRD (Selection No. 1046162) and fielded in April-June, 2012 using face-to face interview method. The survey instrument was developed in collaboration with the World Bank and with the contribution of the Capital Markets Board (CMB) of Turkey. It was based on the questionnaire previously tested by the World Bank in several other countries. Each country made their own distinct modifications in the questionnaire to be applied in their country.
  • 10. Ratio of of correct responses increases with the socio-economic status 84 % answer correctly to the question on simple division operation, however this ratio falls for questions on interest. Financial literacy level is low in general. So the NS targets whole population, but target groups were specified based on their varying needs.
  • 11. Correct answer [YÜZDE] Other [YÜZDE] Don’t know [YÜZDE] No answer [YÜZDE]
  • 12. 61% declare no money left after mandatory expenses Mostly cited reason for saving is emergency cases and health expenses 55% claim to use debt or consumer credit for fixed expenses and 51% borrows to pay existing debts Indebtedness in a severe problem in Turkey. BRSA is taking measures to inhibit excessive use of credit cards. In addition, the NS entails actions to increase awareness on informed and responsible consumption.
  • 13. 78% state that they plan for financial issues but the maturity is less than 6 months (52%) 36% is planning to work in order to accomodate their lives after retirement 80% worry about making ends meet after retirement Elderly and retired people are separate target groups in the NS. In addition, employed people are planned to be educated on financial matters and retirement planning.
  • 14. Main Goals: to help citizens to improve their understanding of capital markets- related financial concepts and products; and manage their money to provide information and tools to help citizens make informed decisions about their finances to improve saving investment culture of general public to increase access to financial services and hence making progress in financial inclusion
  • 15. TARGET GROUPS General Public with an emphasis on: University students School-aged children Women (including unbanked) Employees (public and private sector) Retired people Current and potential investors Others (Handicapped people, newly married couples, unemployed people etc.)