Impact of Financial Literacy on Personal Savings: A Research on Usak University Staff

The factors such as capital stock, human capital, technological progress, financial development, institutional development, development level of infrastructure and trade openness are one of the major determinants of long run economic growth. Financial literacy has potential to affect the economic growth by making contribution to the savings and development of financial sector. In this study, the impact of Usak University staff’s financial literacy on personal savings was searched with logistic regression analysis employing the data provided by means of questionnaire method. We found that financial literacy, income level, age, and education level affected the personal savings positively, while risk tolerance influenced the personal savings negatively.

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