Universal Journal of Accounting and Finance 9(3): 316-328, 2021 http://www.hrpub.org DOI: 10.13189/ujaf.2021.090305 Demographic Analysis of Financial Literacy Level in Azerbaijan Nurkhodzha Akbulaev 1,* , Matanat Mammadova 2 1 UNEC Turkish World Economic Research Center, Department of Economics and Business Administration, Faculty of Economics of Turkish World, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan 2 Department of Economics and Business Administration, Faculty of Economics of Turkish World, Azerbaijan State University of Economics (UNEC), Baku, Azerbaijan Received July 13, 2020; Revised February 17, 2021; Accepted May 24, 2021 Cite This Paper in the following Citation Styles (a): [1] Nurkhodzha Akbulaev, Matanat Mammadova , "Demographic Analysis of Financial Literacy Level in Azerbaijan," Universal Journal of Accounting and Finance, Vol. 9, No. 3, pp. 316 - 328, 2021. DOI: 10.13189/ujaf.2021.090305. (b): Nurkhodzha Akbulaev, Matanat Mammadova (2021). Demographic Analysis of Financial Literacy Level in Azerbaijan. Universal Journal of Accounting and Finance, 9(3), 316 - 328. DOI: 10.13189/ujaf.2021.090305. Copyright©2021 by authors, all rights reserved. Authors agree that this article remains permanently open access under the terms of the Creative Commons Attribution License 4.0 International License Abstract Financial literacy is knowledge that every person needs in everyday life. Studying theory, mastering practical skills, developing financial thinking - all this will allow each of us to become financially successful. Research Objective: The aim of this study is to ascertain the financial literacy level of individuals living in Baku, The Republic of Azerbaijan. 280 people between the ages of 17-60 were involved in the survey, comprised of public and private sector employees, self-employed, retirees and students to attain this objective. Method: SPSS 25.0 for Windows package program was used to evaluate the research data. First of all, frequency was determined in the research. While testing the hypotheses of the research, t-test was applied for independent samples, and Mann Whitney U test was used for comparison of two nonparametric independent groups in the examination of the differences between more than two groups. In addition, the Chi-Square test was utilized to ascertain the degree and direction of the relationship between the relevant variables. Factor analysis has been practised to reduce the number of basic dimensions or group, the variables to facilitate understanding and interpretation of the relationships between multiple variables. In order to decide on the correctness of the answers given to the questions, reliability analysis was performed. Results: In consequence of research, the average level of financial literacy success is determined to be 75% in Baku. Nevertheless, financial literacy level of the participants differs according to demographic variables such as gender, age, marital status, income, profession, education level. Conclusıon: These results can be used to guide policy makers where to place more emphasis in terms of financial education for Azerbaijans. Keywords Financial Literacy, Financial Education, Financial Behaviors 1. Introduction Financial literacy is a process that enables individual investors and consumers to improve their understanding of the financial products and concepts, to measure their current comprehension, financial risks and opportunities optimally, to make more conscious choices among alternatives, and to do all other effective activities to upgrade the level of their financial well-being Kucukaslan [1]. Financial literacy can be defined as the ability to comprehend financial concepts and issues in order to take the right decisions in the face of changing financial conditions and to manage one’s own financial status through financial planning Aksoylu at al. [2]. Financial information literacy helps to manage earnings, especially among those students who study non-commerce subjects Liaqat at al. [3]. In this regard, the improvements in the financial literacy of the individuals through various education programs will probably raise the demand of