Financial Literacy and Attitudes to Cryptocurrencies

Panos, Georgios A.; Karkkainen, Tatja; Atkinson, Adèle

doi:10.2139/ssrn.3482083

Cited by 33 publications

(18 citation statements)

References 79 publications

(76 reference statements)

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“…This could also mean that Vietnamese with higher financial literacy do not see fintech as an important tool for their financial transactions, as they may have strong access already to traditional financial facilities. This concurs with the findings of a recent study by Panos et al (2020), who also found financial literacy negatively relates to people's adoption of financial technology-based products in a study geared towards cryptocurrencies.…”

Section: Resultssupporting

confidence: 91%

Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis

Nathan

Setiawan

Quynh

2022

JRFM

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The growing popularity of smartphones and the proliferation of technology have accelerated the development of the digital payment industry. Fintech enables customers to access financial services more efficiently and faster than traditional business, especially during the COVID-19 pandemic due to health protocols, including restrictions on physical contact. This study investigates financial literacy, fintech adoption, and the impact of the COVID-19 crisis on the financial health of consumers in Vietnam. The relatively higher level of the unbanked population in Vietnam and the lower level of adult financial literacy compared with the ASEAN region motivated this study. Based on judgment sampling, participants were approached using the mall intercept technique, and those familiar with fintech were selected for the research interview. Thirty participants were interviewed and were given a survey form to be filled online using their mobile phones. Data analysis was conducted using IBM SPSS software version 23. Perceived ease of use, perceived usefulness, trust, brand image, government support, user innovativeness, and attitude are found to be significantly correlated with fintech adoption in Vietnam, while financial literacy was found to be not significantly correlated with fintech adoption. Furthermore, further analysis using multiple linear regression revealed user innovativeness and attitude have a positive impact towards fintech adoption, and in contrast, financial literacy showed significant negative impact on fintech. This inverse relationship could indicate that in Vietnam, fintech may play a role of bringing financial inclusion where people with lower financial literacy are able to use technology for financial transactions, which was previously inaccessible to them. This could also mean that Vietnamese with higher financial literacy do not see fintech as an important tool for their financial transactions, as they may already have strong access to traditional financial facilities. This research contributes to knowledge in the field of Fintech adoption in Vietnam at the time of the COVID-19 outbreak. To foster greater financial inclusivity and access for the Vietnamese consumers, policy makers could promote the development of fintech business infrastructure and regulatory sandboxes to foster fintech startups.

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Section: Resultssupporting

confidence: 91%

Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis

Nathan

Setiawan

Quynh

2022

JRFM

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“…This suggests that mobile apps and platforms should be complemented by training. In a recent cross-country study, Panos and Karkkainen (2019) find that financial literacy is negatively related to cryptocurrency ownership. This suggests that less financially literate consumers have a limited understanding of the greater risk and reward trade-offs of cryptocurrencies relative to alternative asset classes.…”

mentioning

confidence: 95%

Financial literacy and responsible finance in the FinTech era: capabilities and challenges

Panos

Wilson

2020

The European Journal of Finance

Self Cite

135

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A growing body of evidence suggests that financial literacy plays an important role in financial well-being, and that differences in financial knowledge acquired early in life can explain a significant part of financial and more general well-being in adult life. Financial technology (FinTech) is revolutionising the financial services industry at an unrivalled pace. Views differ regarding the likely impact that FinTech is likely to have on personal financial planning, well-being and societal welfare. In an era of mounting student debt, increased (digital) financial inclusion, and threats arising from instances of (online) financial fraud, financial education and enlightened financial advising appropriate policy interventions that enhance financial and overall well-being. This special issue engages in this important academic and policy agenda by presenting a set of seven new papers emanating from four parallel streams of literature related to financial literacy and responsible finance. ARTICLE HISTORY

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“…Studies with a similar search structure and conclusions about the "portrait" of a retail investor in cryptocurrencies came in the Netherlands (AFM, 2018) and Austria (Ritzberger-Grünwald Stix, 2018). Analysis of the level of financial literacy in cryptocurrency ownership has shown that investors who are more aware of them are less likely to trade with them (Panos & Karkkainen, 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

What do cross-country Bitcoin holdings tell us? Monetary and institutional discontent vs financial development

Козюк

2022

Investment Management and Financial Innovations

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Cryptocurrencies show tremendous growth by market capitalization, however Bitcoin cross-country holdings are still in question. The purpose of the paper is to show that inflation discontent with the rule of law failures can explain why residents of different countries are prone to cryptocurrency holdings. The level of financial development is also considered. A hypothesis is proposed for more complex and segmented motives of Bitcoin holdings, tested by the OLS method. Single- and multi-factor regressions with independent variables are used, which can validate cross-country Bitcoin holdings in terms of inflation discontent, quality of institutions and financial development. Regression results confirm the idea of more segmented motives to hold Bitcoins. First, the hedge against inflation motive is rooted in the institutional weakness of central banks, and the regression results show that inflation variables are the most significant. Second, the hedge against institutional risks of asset ownership motive, based on the lack of rule of law and the relevant variable, is best performing among other institutional variables. Third, it is wrong to neglect financial development. However, it only plays a role in interaction with better innovation performance, meaning that crypto investors try not only to diversify their portfolios, but also to profit from involving in a sector with promising technological perspectives. The main takeaway is that institutional factors help explain why people in countries with worsened inflation and institutional performance tend to hold a large fraction of Bitcoins in assets. Obviously, monetary and institutional fragility is underestimated in the general discussion about the nature of digital money.

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Financial Literacy and Attitudes to Cryptocurrencies

Cited by 33 publications

References 79 publications

Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis

Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis

Financial literacy and responsible finance in the FinTech era: capabilities and challenges

What do cross-country Bitcoin holdings tell us? Monetary and institutional discontent vs financial development

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