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The interdependence of financial literacy and crypto literacy

Author

Listed:
  • Jones, Michael
  • Luu, Truong (Jack)
  • Samuel, Binny

Abstract

As cryptocurrencies become more prevalent in investor portfolios, we examine whether a greater knowledge of digital assets is connected to an understanding of broader financial concepts. We find a positive relationship between cryptocurrency (crypto) literacy and financial literacy, suggesting that a higher understanding of cryptocurrencies may lead to better financial decision-making. Our research reveals that individuals with higher levels of subjective crypto literacy are more likely to seek professional guidance and view it as complementary to their own knowledge of digital assets. We conclude by discussing the possibility of including crypto literacy in financial services.

Suggested Citation

  • Jones, Michael & Luu, Truong (Jack) & Samuel, Binny, 2024. "The interdependence of financial literacy and crypto literacy," Economics Letters, Elsevier, vol. 239(C).
    • Handle: RePEc:eee:ecolet:v:239:y:2024:i:c:s0165176524002209
    DOI: 10.1016/j.econlet.2024.111737
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    More about this item

    Keywords

    Financial literacy; Crypto literacy; Financial advice; Risk;
    All these keywords.

    JEL classification:

    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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