Academy of Financial Services
This study investigates the financial self-assessment and households’ well-being using a national survey of 2,567 households in Turkey. We use households’ views on their ability to meet current living expenses in the short-term as well as their assessment for the retirement in the long-term. We also investigate how the sources of income are related to the financial well-being. Findings show that households’ daily concerns including the inability to meet short-term expenses including health care, daily living expenses (food and utilities), and the inability to maintain the existing living standard are highly significant factors in explaining their financial assessment. We also find that having enough income during the retirement and ability to find a job in the future when needed are positively related to financial well-being. Finally, when households’ income is from work, rental properties, family, and pension, they feel financially more secure.
Author(s): Halil Kiymaz, Belma Ozturkkal