The article titled “Social Determinants of Household Financial Asset Choice” by Res. Asst. Gökhan Özbilge, a faculty member of the Department of International Trade and Finance, has been published.
The summary of the study published in the International Journal of Economic and Administrative Studies is as follows;
This study investigates the possible effects of social factors and attitudes towards risk, including financial specialists, media, politicians, religious/spiritual opinion leaders, and business circles, on individuals' preferences for selected traditional, risky, and innovative financial assets. The concrete outputs of the study obtained with the help of the logit model are based on the micro data set of the 2019 Household Financial Perception and Attitude Survey published by the Finance Office of the Presidency of Türkiye. The findings confirm that increases in individuals' attitudes towards risk will increase the probability of choosing risky and innovative assets and diversified portfolio compositions with these assets. On the other hand, individuals' financial asset choices are significantly influenced by social/environmental factors. More strikingly, it should be emphasized that among these factors, the positive effects of financial professionals are lower than those of the business environment, religious/spiritual opinion leaders, and the media. It is essential to carefully monitor the effects of media and religious/opinion leaders, especially when shifting to riskier assets and their combinations in terms of financial assets, in order to formulate policy recommendations.
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