The Relationship Between Financial Literacy and Individual Saving Behavior: A Literature Review
DOI:
https://doi.org/10.5281/zenodo.19463946Keywords:
Financial Literacy, Saving Behavior, Individual Savings, Financial Behavior, Financial EducationAbstract
This study examines the relationship between financial literacy and individual saving behaviour using a literature review methodology. As part of the research, studies indexed in the Web of Science and Scopus databases were screened using the keywords ‘financial literacy’ and ‘saving behaviour’; furthermore, to cover the national literature, studies available on the TR Dizin and DergiPark platforms were also included in the review. To ensure up-to-date findings, studies published in 2015 and thereafter were evaluated, whilst pioneering studies forming the theoretical foundation of the field were also taken into account. A total of 20 empirical studies were analysed comparatively in terms of methodology, sample and key findings. The findings reveal that financial literacy positively influences individuals’ saving behaviour; this effect may vary depending on income level, age, education and other demographic characteristics. Consequently, it is concluded that financial literacy is a fundamental element that supports saving behaviour by improving individuals’ financial decision-making processes.
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