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Year 2018, Volume: 2 Issue: 2, 18 - 26, 03.01.2019

Abstract

References

  • Atkinson, A. McKay, S. Kempson, E. and Collard, S. (2006). Levels of financial capability in the UK. Results of a baseline survey. Bristol: University of Bristol. Retrieved from: http://www.fsa.gov.uk/pubs/consumer-research/crpr47.pdf
  • Bearden, W., Money, B. R., and Nevins, J. L. (2003). Development and validation of a measure of long-term orientation. In Enhancing Knowledge Development in Marketing, edited by R. B. Money and R. L. Rose, vol. 14, pp. 202–203. Chicago: American Marketing Association.
  • Chatterjee, S., Fan, L., Jacobs, B., Haas, R. (2017). Risk tolerance and goals-based savings behavior of households: The role of financial literacy. Journal of Personal Finance, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2918014 Chen, H., and Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7, 107–128.
  • Collins, J. M., and O’Rourke, C. (2013). Financial Capability Scale (FCS), University of Wisconsin Madison, Center for Financial Security. doi: 10.5281/zenodo.57102
  • De Meza, D., B. Irlenbusch, B., and Reyniers, D. (2008). Financial capability: A behavioural economics perspective. Working paper. Retrieved from https://pdfs.semanticscholar.org/2328/a5bf7f7bebf0596ac2d58d00e6ec7b5f1a00.pdf
  • Hilgert, M., Hogarth, J., and Beverly, S. (2003). Household financial management: the connection between knowledge and behavior. Federal Reserve Bulletin, July, 309–322.
  • Hoelzl, E., and Kapteyn, A. (2011). Financial capability. Journal of Economic Psychology, 32, 543-545. Howlett, E., Kees, J., and Kemp, E. (2008). The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions. Journal of Consumer Affairs, 42 (2), 223-242.
  • Huang, J., Nam, Y., and Sherraden, M. S. (2013). Financial knowledge and Child development account policy: A test of financial capability. Journal of Consumer Affairs, 47 (1), 1-26.
  • Jacobs-Lawson, J. M., & Hershey, D. A. (2005). Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors. Financial Services Review, 14 (4), 331–344.
  • Johnson, E., and Sherraden, M. S. (2007). From financial literacy to financial capability among youth. Journal of Sociology and Social Welfare, 34 (3), 119-146.
  • Joireman, J., Sprott, D., and Spangenberg, E. (2005). Fiscal responsibility and the consideration of future consequences. Personality and Individual Differences, 39 (32): 1159–1168.
  • Kapteyn, A., and Teppa, F. (2002). Subjective measures of risk aversion and portfolio choice (CentER Discussion Paper, 2002-11). Tilburg: Econometrics. Retrieved from: https://pure.uvt.nl/ws/portalfiles/portal/541142/11.pdf Kapteyn, A., and Teppa, F. (2011). Subjective measures of risk aversion, fixed costs, and portfolio choice. Journal of Economic Psychology, 32, 564-580.
  • Knoll, M. A. Z., and Houts, C. R. (2012). The Financial Knowledge Scale: An application of item response theory to the assessment of financial literacy. Journal of Consumer Affairs, 46(3), 381-410. doi: 10.1111/j.1745-6606.2012.01241.x
  • Mandell, L. (2008). The financial literacy of young American adults: Results of the 2008 National Jump$Tart Coalition Survey of High School Seniors and College Students. Washington, DC: The Jump$tart Coalition for Personal Financial Literacy.
  • Noctor, M., Stoney, S., and Stradling, S. (1992). Financial literacy: A discussion of concepts and competencies of financial literacy and opportunities for its introduction into young people’s learning (National Foundation for Educational Research, Slough).
  • OECD (2016). Financial Education in Europe: Trends and recent developments, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264254855-en
  • Przepiorka, A., Sobol-Kwapinska, M., Jankowski, T. (2016). A polish short version of the Zimbardo Time Perspective Inventory. Personality and Individual Differences, 101, 78-89.
  • Republic of Turkey Prime Ministry (2014).Financial Access, Financial Education, Financial Consumer Protection Strategy and related action plans. Republic of Turkey Prime Ministry Undersecretariat of Treasury. Retrieved from http://www.treasury.gov.tr/File/?path=ROOT%2f1%2fDocuments%2fGeneral+Content%2fFinancial+Inclusion.pdf
  • Serido, J., Shim, S., and Tang, C. (2013). A developmental model of financial capability: A framework for promoting a successful transition to adulthood. International Journal of Behavioral Development. 37 (4) 287-297.
  • Sherraden M. S., and Ansong, D. (2016). Financial literacy to financial capability: Building financial stability and security. In Carmela Aprea, Eveline Wuttke, Klaus Breuer, Noi Keng Koh, Peter Davies, Bettina Greimel-Fuhrmann, Jane S. Lopus (Eds.). International Handbook of Financial Literacy, Springer. doi:10.1007/978-981-10-0360-8
  • Shim, S., Barber, B. L., Card, N. A., Xiao, J. J. and Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth Adolescence, 39, 1457-1470.
  • Shim, S., Serido, J., Bosch, L., and Tang, C. (2013). Financial identity-processing styles among young adults: A longitudinal study of socialization factors and consequences for financial capabilities. Journal of Consumer Affairs, 47 (1), 128-152.
  • Sohn, S.H., Joo, S.H., Grable, J. E., Lee, S., and Kim, M. (2012). Adolescents’ financial literacy: The role of financial socialization agents, financial experiences, and money attitudes in shaping financial literacy among South Korean youth. Journal of Adolescence, 35, 969-980.
  • SPK (2015). Capital Markets Board of Turkey Retrieved from http://www.spk.gov.tr/duyurugoster.aspx?aid=20151005&subid=0&ct=f Strathman, A., Gleicher, F., Boninger, D., and Edwards, C. (1994). The consideration of future consequences: Weighing immediate and distant outcomes of behavior. Journal of Personality and Social Psychology, 66, 742-752.
  • Taylor, M. P., Jenkins, S. P., and Sacker, A. (2009). Financial capability and wellbeing: Evidence from the BHPS. FSA Occasional Paper Series 34, Institute for Social and Economic Research University of Essex, UK. Retrieved from: www.fsa.gov.uk.
  • Taylor, M. P., Jenkins, S. P., and Sacker, A. (2011). Financial capability and psychological health. Journal of Economic Psychology, 32, 710-723.
  • Van Rooij, M. C. J., Lusardi, A., and Alessie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32 (4), 593-608.
  • Zimbardo, P. G., and Boyd, J. N. (1999). Putting time in perspective: A valid reliable individual differences metric. Journal of Personality and Social Psychology, 77, 1271–1288.
  • http://dx.doi.org/10.1007/978-3-319-07368-2_2.

THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY

Year 2018, Volume: 2 Issue: 2, 18 - 26, 03.01.2019

Abstract

Financial capability incorporates skills, behavior, and knowledge in five areas: making ends meet,

keeping track, planning ahead, choosing products, and staying informed. People should understand how to manage

their money, use credit, choose insurance, pay taxes, and save for emergencies, long-term financial security,

and development (Atkinson et al., 2006). Time Perspective is a basic psychological dimension of time. Time

perspective is used both in temporal coding and collecting and remembering events, as well as in the formation of

expectations, objectives and imaginary scenarios. Results of several studies confirm that types of Time Perspective

are significantly linked to several important aspects of human functioning (Przepiorka et al., 2016). The aim of

this study is to explore the relationship between time perspective and financial capability. Data were collected in

2017 in Ankara, Çankaya district, Turkey. In this study, the total number of participants was determined using

a random sampling method, and 513 participants completed the survey. About half (50.7%) of the sample were

women; 49.3% were men. The average age of the participant’s was 31.2 (SD = 12.09). More than half (59.1%) of

the sample were single. This research finds that domains of time perspective were significantly related to financial

capability except past-positive and present-hedonistic. Participants who focused a generally negative, aversive

view of the past (past-negative) and a fatalistic, helpless, and hopeless attitude toward the future and life (presentfatalistic)

were negatively associated financial capability. Participants who focused a general future orientation

(future-orientation) were positively associated financial capability

References

  • Atkinson, A. McKay, S. Kempson, E. and Collard, S. (2006). Levels of financial capability in the UK. Results of a baseline survey. Bristol: University of Bristol. Retrieved from: http://www.fsa.gov.uk/pubs/consumer-research/crpr47.pdf
  • Bearden, W., Money, B. R., and Nevins, J. L. (2003). Development and validation of a measure of long-term orientation. In Enhancing Knowledge Development in Marketing, edited by R. B. Money and R. L. Rose, vol. 14, pp. 202–203. Chicago: American Marketing Association.
  • Chatterjee, S., Fan, L., Jacobs, B., Haas, R. (2017). Risk tolerance and goals-based savings behavior of households: The role of financial literacy. Journal of Personal Finance, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2918014 Chen, H., and Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7, 107–128.
  • Collins, J. M., and O’Rourke, C. (2013). Financial Capability Scale (FCS), University of Wisconsin Madison, Center for Financial Security. doi: 10.5281/zenodo.57102
  • De Meza, D., B. Irlenbusch, B., and Reyniers, D. (2008). Financial capability: A behavioural economics perspective. Working paper. Retrieved from https://pdfs.semanticscholar.org/2328/a5bf7f7bebf0596ac2d58d00e6ec7b5f1a00.pdf
  • Hilgert, M., Hogarth, J., and Beverly, S. (2003). Household financial management: the connection between knowledge and behavior. Federal Reserve Bulletin, July, 309–322.
  • Hoelzl, E., and Kapteyn, A. (2011). Financial capability. Journal of Economic Psychology, 32, 543-545. Howlett, E., Kees, J., and Kemp, E. (2008). The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions. Journal of Consumer Affairs, 42 (2), 223-242.
  • Huang, J., Nam, Y., and Sherraden, M. S. (2013). Financial knowledge and Child development account policy: A test of financial capability. Journal of Consumer Affairs, 47 (1), 1-26.
  • Jacobs-Lawson, J. M., & Hershey, D. A. (2005). Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors. Financial Services Review, 14 (4), 331–344.
  • Johnson, E., and Sherraden, M. S. (2007). From financial literacy to financial capability among youth. Journal of Sociology and Social Welfare, 34 (3), 119-146.
  • Joireman, J., Sprott, D., and Spangenberg, E. (2005). Fiscal responsibility and the consideration of future consequences. Personality and Individual Differences, 39 (32): 1159–1168.
  • Kapteyn, A., and Teppa, F. (2002). Subjective measures of risk aversion and portfolio choice (CentER Discussion Paper, 2002-11). Tilburg: Econometrics. Retrieved from: https://pure.uvt.nl/ws/portalfiles/portal/541142/11.pdf Kapteyn, A., and Teppa, F. (2011). Subjective measures of risk aversion, fixed costs, and portfolio choice. Journal of Economic Psychology, 32, 564-580.
  • Knoll, M. A. Z., and Houts, C. R. (2012). The Financial Knowledge Scale: An application of item response theory to the assessment of financial literacy. Journal of Consumer Affairs, 46(3), 381-410. doi: 10.1111/j.1745-6606.2012.01241.x
  • Mandell, L. (2008). The financial literacy of young American adults: Results of the 2008 National Jump$Tart Coalition Survey of High School Seniors and College Students. Washington, DC: The Jump$tart Coalition for Personal Financial Literacy.
  • Noctor, M., Stoney, S., and Stradling, S. (1992). Financial literacy: A discussion of concepts and competencies of financial literacy and opportunities for its introduction into young people’s learning (National Foundation for Educational Research, Slough).
  • OECD (2016). Financial Education in Europe: Trends and recent developments, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264254855-en
  • Przepiorka, A., Sobol-Kwapinska, M., Jankowski, T. (2016). A polish short version of the Zimbardo Time Perspective Inventory. Personality and Individual Differences, 101, 78-89.
  • Republic of Turkey Prime Ministry (2014).Financial Access, Financial Education, Financial Consumer Protection Strategy and related action plans. Republic of Turkey Prime Ministry Undersecretariat of Treasury. Retrieved from http://www.treasury.gov.tr/File/?path=ROOT%2f1%2fDocuments%2fGeneral+Content%2fFinancial+Inclusion.pdf
  • Serido, J., Shim, S., and Tang, C. (2013). A developmental model of financial capability: A framework for promoting a successful transition to adulthood. International Journal of Behavioral Development. 37 (4) 287-297.
  • Sherraden M. S., and Ansong, D. (2016). Financial literacy to financial capability: Building financial stability and security. In Carmela Aprea, Eveline Wuttke, Klaus Breuer, Noi Keng Koh, Peter Davies, Bettina Greimel-Fuhrmann, Jane S. Lopus (Eds.). International Handbook of Financial Literacy, Springer. doi:10.1007/978-981-10-0360-8
  • Shim, S., Barber, B. L., Card, N. A., Xiao, J. J. and Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth Adolescence, 39, 1457-1470.
  • Shim, S., Serido, J., Bosch, L., and Tang, C. (2013). Financial identity-processing styles among young adults: A longitudinal study of socialization factors and consequences for financial capabilities. Journal of Consumer Affairs, 47 (1), 128-152.
  • Sohn, S.H., Joo, S.H., Grable, J. E., Lee, S., and Kim, M. (2012). Adolescents’ financial literacy: The role of financial socialization agents, financial experiences, and money attitudes in shaping financial literacy among South Korean youth. Journal of Adolescence, 35, 969-980.
  • SPK (2015). Capital Markets Board of Turkey Retrieved from http://www.spk.gov.tr/duyurugoster.aspx?aid=20151005&subid=0&ct=f Strathman, A., Gleicher, F., Boninger, D., and Edwards, C. (1994). The consideration of future consequences: Weighing immediate and distant outcomes of behavior. Journal of Personality and Social Psychology, 66, 742-752.
  • Taylor, M. P., Jenkins, S. P., and Sacker, A. (2009). Financial capability and wellbeing: Evidence from the BHPS. FSA Occasional Paper Series 34, Institute for Social and Economic Research University of Essex, UK. Retrieved from: www.fsa.gov.uk.
  • Taylor, M. P., Jenkins, S. P., and Sacker, A. (2011). Financial capability and psychological health. Journal of Economic Psychology, 32, 710-723.
  • Van Rooij, M. C. J., Lusardi, A., and Alessie, R. J. M. (2011). Financial literacy and retirement planning in the Netherlands. Journal of Economic Psychology, 32 (4), 593-608.
  • Zimbardo, P. G., and Boyd, J. N. (1999). Putting time in perspective: A valid reliable individual differences metric. Journal of Personality and Social Psychology, 77, 1271–1288.
  • http://dx.doi.org/10.1007/978-3-319-07368-2_2.
There are 29 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Zeynep Çopur

Jorge Ruiz Menjıvar This is me

Publication Date January 3, 2019
Published in Issue Year 2018 Volume: 2 Issue: 2

Cite

APA Çopur, Z., & Menjıvar, J. R. (2019). THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY. Uluslararası Turizm Ekonomi Ve İşletme Bilimleri Dergisi, 2(2), 18-26.
AMA Çopur Z, Menjıvar JR. THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY. IJTEBS. January 2019;2(2):18-26.
Chicago Çopur, Zeynep, and Jorge Ruiz Menjıvar. “THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY”. Uluslararası Turizm Ekonomi Ve İşletme Bilimleri Dergisi 2, no. 2 (January 2019): 18-26.
EndNote Çopur Z, Menjıvar JR (January 1, 2019) THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY. Uluslararası Turizm Ekonomi ve İşletme Bilimleri Dergisi 2 2 18–26.
IEEE Z. Çopur and J. R. Menjıvar, “THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY”, IJTEBS, vol. 2, no. 2, pp. 18–26, 2019.
ISNAD Çopur, Zeynep - Menjıvar, Jorge Ruiz. “THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY”. Uluslararası Turizm Ekonomi ve İşletme Bilimleri Dergisi 2/2 (January 2019), 18-26.
JAMA Çopur Z, Menjıvar JR. THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY. IJTEBS. 2019;2:18–26.
MLA Çopur, Zeynep and Jorge Ruiz Menjıvar. “THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY”. Uluslararası Turizm Ekonomi Ve İşletme Bilimleri Dergisi, vol. 2, no. 2, 2019, pp. 18-26.
Vancouver Çopur Z, Menjıvar JR. THE POTENTIAL IMPACT OF TIME PERSPECTIVE ON FINANCIAL CAPABILITY: AN EMPIRICAL STUDY IN TURKEY. IJTEBS. 2019;2(2):18-26.