Türkiye takes inspiration from Malaysia: Family financial advisors proposed

Ozan Cagri Gaziturk, the Head of the Financial Strategies and Analysis Department at the Turkish Presidential Finance Office, has introduced a financial advisor system modeled after family doctors in Malaysia.

He stated, “In Malaysia, they have implemented a system called ‘family financial advisor,’ which resembles the role of family physicians, and we find this concept quite appealing.” Gaziturk also mentioned that a team from Malaysia will soon conduct an event in Türkiye, providing an opportunity to learn more about their approach.

As efforts continue to improve citizens’ financial literacy, discussions are ongoing about the possibility of implementing a similar system in Türkiye, where each family would have access to a financial advisor, much like a family doctor. This topic was recently raised in the Turkish Parliament during a presentation by Gaziturk to the Subcommittee on Widespread Financial Literacy and Awareness.

Gaziturk emphasized that Malaysia’s financial literacy strategy includes the role of a ‘family financial advisor.’ He noted, “This concept appears promising and could be worth considering for our country. We will be attending an event with Malaysian officials soon to gather more insights.”

BRSA proposes new structure for consumer complaints

Enes Tapsiz, an expert from the Banking Regulation and Supervision Agency (BRSA), addressed complaints from financial consumers, proposing the establishment of a compensatory structure for citizens who have incurred financial losses. Tapsiz reported that there were 228,000 applications in 2023, and as of October this year, 131,000 applications have been received. He summarized, “Only 15% of these applications fall under our jurisdiction, while 10% pertain to institutions such as SEDDK, CMB, and the Central Bank. Additionally, 75% arise from disputes related to contracts individuals have made with banks and other financial institutions. There is a clear need for a dedicated authority to handle consumer complaints, as we currently lack an institution that directly addresses these issues. Countries like the U.K., New Zealand, and Finland have established similar bodies, which could serve as useful models for us.”

High rate of women saving gold

Zekeriya Ozturk, Chairman of the Financial Literacy and Access Association (FODER), explained that their understanding of financial literacy is based on three main pillars: financial knowledge, financial attitude, and financial behavior. He noted that women tend to perform better than men regarding financial attitudes. Ozturk highlighted that a significant number of women secretly save gold, often concealing their savings from their husbands. He stated, “During a recent meeting with the Central Bank, we discussed how to integrate women’s saved gold into the financial system. Notably, the financial attitude index of women is five points higher than that of men.”