ABSTRACT
Women have low levels of financial literacy world-wide. We investigated the question from a diverse point of view and focused on family democratization of female students studying finance in two universities with four majors, and finance professionals in Izmir and Manisa, Turkey. It was found that (1) the democracy levels are high and autocracy is low among the population, (2) the traditional family egalitarianism is changing to democratization, (3) a gender gap exists amongst the population, (4) financial literacy differs by gender, major, institution, and class, (5) financial literacy and democracy/autocracy is correlated, and (6) as a matter of degree; high scored female students’ and professionals’ financial literacy is negatively/positively correlated with democracy/autocracy.
