- PROJECT TITLE: Turkey Financial Capability Survey
- PARTNER INSTITUTIONS: Capital Markets Board of Turkey; Turkish Statistics Agency; Central Bank of Turkey
- TIMELINE: October 2011 - June 2012
A nationwide survey of financial capability in Turkey is expected to inform the government’s current efforts to introduce a national strategy for financial education. The recent Turkey Country Economic Memorandum (CEM) on Domestic Savings identified this as a key policy area in the country. The Financial Capability Survey is expected to meet two main objectives: (1) identify policy gaps and inform policy options to mobilize domestic saving in Turkey (i.e. including financial education in school curriculums) and (2) establish the basis for regularly monitoring the level of financial literacy of households. The results of the survey will be shared widely to increase public awareness on the subject.
The sample size is 3000. Respondents will be selected randomly from the population at or above 18 years of age and it will exclude the population in institutions, in line with guidelines provided by the Turkish Statistics Agency (Turkstat). The survey will be nationally representative and will cover all 12 NUTS-defined regions of Turkey (NUTS Level 1 Statistical Regions). Except for Istanbul (that constitutes a region by itself), provinces from each region will be determined by the random selection of primary sampling units (i.e. districts).
Financial literacy and education is on the agenda of the Turkish government. In March 2011, the Central Bank of Turkey and the Capital Markets Board organized an international conference on financial education with the main goal of raising awareness and laying the ground for the preparation of a national strategy for financial education. Along the same lines as the international conference, the nationwide survey of financial capability will be a critical tool to inform the government’s formulation of a national financial education strategy and this is identified in the Turkey CEM as a key policy area.