EXPLORING SAVING BEHAVIOR OF TURKISH FAMILIES IN ANKARA/TURKEY

Abstract

The purpose of the present study is to explore saving behavior of Turkish families in Ankara, Turkey. The research is composed of 600 people living in the neighborhood of Dr. Halil Ulgen Health Center (Mamak-Ankara-Turkey). Results indicated that the vast majority of Turkish families were not saving and not willing to take any financial risk. More than half of the participants did not discuss finance with their parents when they were growing up. Majority of the families reported that over the past year their family’s spending exceeded their income and the current economic situation significantly impacted more than half of the families’ saving behavior and attitudes. Most of the families indicated that their parents were savers while they were growing up. Interestingly, families who reported both parents were savers while they were growing up were less likely to be saving than those who reported neither were savers. As expected, having experience of negative financial events in the last two years was significantly related to the likelihood of saving