Number of gold savers doubles in Turkey

ISTANBUL - Anadolu Agency

DHA Photo

The number of people in Turkey opting to save in gold has doubled over the last three years to around 25 percent of the population, although 42 percent of Turkish citizens still do not save at all, according to a new survey. 

While the rate of Turks who choose gold for saving was 11.8 percent in 2012, this rose to 24.9 percent in 2015, according to the Financial Literacy Survey, conducted by the Capital Markets Board of Turkey (SPK), Borsa Istanbul, the Turkish Capital Markets Association, Takasbank, the Central Registration Unit, and the Capital Markets Licensing Registration and Training Unit.  

There was also an increase in the number of people who save in foreign currencies. While the rate of Turks who save in foreign currencies was 4.3 percent in 2012, the figure rose to 10.5 percent in 2015, according to the survey. There was also a rise in the number of people who have enrolled in a personal pension system, rising from 2.2 percent in 2012 to 5.4 percent in 2015. 

Some 42 percent of the survey participants, however, said they do not make any savings at all, although 77 percent of the participants said they made detailed household budgets. 

The survey, conducted with the participation of 3,000 people, also showed that there has been an increase in citizens’ financial understanding and mathematical skills. While 84 percent of survey respondents could make simple mathematical processes in 2012, this figure rose to 93 percent in 2015. The number of people who can make interest rate calculations for debt repayment also rose from 72.5 percent in 2012 to 84 percent in 2015, according to the survey. 

Meanwhile, there has been a rise in the number of people who have used bank loans over the last three years, according to the survey, with the number of people using bank loans rising from 11.8 percent in 2012 to 33.1 percent this year. The number of people who have deposit accounts also doubled over the last three years, increasing from 20.4 percent to 49.3 percent. 

An increase of around 25 percent was seen in people’s accurate responses to a series of financial-mathematical questions in the survey. With the apparent rise in people’s financial literacy across the country, a further gradual increase is expected in saving rates, which are currently still very low in Turkey.