The interdependence of financial literacy and crypto literacy

Michael Jones, Luu, Truong (Jack) and Binny Samuel

Economics Letters, 2024, vol. 239, issue C

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.

Keywords: Financial literacy; Crypto literacy; Financial advice; Risk (search for similar items in EconPapers)
JEL-codes: G41 G53 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:239:y:2024:i:c:s0165176524002209

DOI: 10.1016/j.econlet.2024.111737

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