Mediating roles of financial literacy, self-control, and peer influence on investment behavior
Turkish university students
Bibliographic Data
| ID | 22205451 |
|---|---|
| Authors | Muhammed Fatih YÜRÜK (0000-0001-7429-2278, Dicle University, corresponding author) |
| Year | 2025 |
| Volume | 12 |
| Pages | 102238 |
| Publication date | 2025-01-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Social Sciences & Humanities Open (JOURNAL) |
| Journal identifiers | ISSN: 2590-2911 • E-ISSN: 2590-2911 |
| Publisher | Elsevier BV (PUBLISHER) |
| DOI | 10.1016/j.ssaho.2025.102238 |
| OpenAlex | W4416785702 |
| Language | EN |
| Citations received | 1 |
| References cited | 33 |
This empirical study investigates the relationships among Financial Literacy (FL), Self-Control (SC), Peer Influence (PI), and Investment Behavior (IB) among Turkish university students using Structural Equation Modeling (SEM). Data were collected from 586 students at Dicle University in Turkey through face-to-face surveys. The results indicate that financial literacy positively influences investment behavior (β = 0.417, p < 0.001) and peer influence (β = 0.482, p < 0.001), while it negatively affects self-control (β = −0.419, p < 0.001). Peer influence also positively impacts investment behavior (β = 0.438, p < 0.001), whereas self-control has a negative effect on investment behavior (β = −0.154, p = 0.002). Additionally, financial literacy indirectly influences investment behavior through peer influence (β = 0.211, p < 0.001). The model demonstrates a good fit to the data (χ 2 /df = 3.536, RMSEA = 0.066, CFI = 0.860, Standardized RMR = 0.066). These findings highlight the critical role of financial literacy in promoting investment behavior and the significant influence of peer dynamics in financial decision-making among young adults in a collectivist cultural context like Turkey. However, the negative relationship between financial literacy and self-control, potentially influenced by cultural preferences for immediate gratification or the negative wording of self-control items, suggests a need for culturally adapted measurement tools in future research. This study contributes to the literature by examining the underexplored mediating roles of self-control and peer influence in the financial literacy-investment behavior nexus, offering a context-specific perspective from Turkey. It provides practical implications for policymakers and educators to design financial literacy programs that leverage peer influence and address self-control challenges to foster sustainable investment behaviors among young adults. • Financial literacy positively affects investment behavior among Turkish students. • Peer influence mediates the literacy-investment link with a strong positive effect. • Self-control shows unexpected negative relation to literacy and behavior. • Model fit supports SEM analysis in collectivist contexts. • Findings highlight cultural adaptations for financial education in Turkey
Empirical research · Financial literacy · Gratification · Peer group · Social influence · Structural equation modeling · Turkish · Behavioral Health and Interventions · Financial Literacy, Pension, Retirement Analysis · Psychological Well-being and Life Satisfaction
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| Citations per year | 1 |
|---|---|
| Citation span | 2026 - 2026 (1) |
| Highly cited | No |