THE MEDIATING EFFECTS OF DEMOGRAPHIC FACTORS ON THE RELATIONSHIP BETWEEN FINANCIAL LITERACY AND BEHAVIORAL FINANCE

The paper aims to investigate the relationship between individual investors' financial literacy levels, behavioral finance tendencies, and the sub-dimensions of behavioral finance. Another aim of the paper is to determine possible demographic factors that moderate these relationships. The main population of the paper is 70,953 households in Erzincan province and a sample of 400 people is determined with a 5% sampling error at a 5% significance level and a simple random sampling method. The data of the paper were collected by survey method and statistical analyses were carried out with the SPSS program. Analyzes applied in the paper; Pearson correlation analysis, linear and hierarchical regression analysis. As a result of the analysis; it has been concluded that although investors' financial literacy levels are high, they exhibit behavioral financial biases or tendencies and there are mediating roles of some demographic factors in that relationship.