Investment literacy, overconfidence and cryptocurrency investment
DOI:
https://doi.org/10.61190/fsr.v31i2/3.3530Keywords:
Cryptocurrency, Investment, Overconfidence, Financial knowledge, Investment literacyAbstract
Cryptocurrency has been increasingly popular with investors. Using the 2018 National Financial Capability Study Investor survey, we examined the association between investment literacy and cryptocurrency investment—about 13% of investors invested in cryptocurrency directly or indirectly. Results from regression analyses show that objective investment literacy was negatively while sub- jective literacy was positively associated with holding cryptocurrency. Overconfident investors were more likely to invest in cryptocurrency, and results were robust across three overconfidence meas- ures. This study has implications for investment advice, financial education, and research.
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Copyright (c) 2023 Kyoung Tae Kim, Sherman D. Hanna, Sunwoo T. Lee
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