Financial Services Review

Is Using a Financial Advisor Related to Cryptocurrency Investment?

Alex Brockbank — 2025-10-02

Do financial advisors recommend cryptocurrency investment within a household portfolio? Cryptocurrencies have emerged in popularity as households seek to maximize returns. Financial advisors are expected to provide beneficial advice for a household in managing financial decisions including investments. The existing literature has examined this relatively new form of investing and found some determinants for cryptocurrency investment but has not sufficiently explored the association between this investment option and the investor’s use of a financial advisor. With data from the 2018 wave of the National Financial Capabilities Study (NFCS), this paper examines the relationship between cryptocurrency investment and the use of a financial advisor for American investors. The results suggest that investors who use a financial advisor are more likely to be invested in cryptocurrencies. Additional determinants seen in previous works are also confirmed in the current study; showing that men, younger investors, married investors, and investors with a higher tolerance for risk are more likely to have cryptocurrency investments.

From Intention to Adequate Emergency Fund Savings through Fintech Use: Evidence from a Survey Study

Ying Chen — 2025-10-02

This study applied the theory of planned behavior and the technology acceptance model to investigate consumers' adequate emergency fund savings through fintech use. A structural equation model (SEM) with a confirmatory factor analysis was employed to analyze primary data from a sample of 453 responses collected in July 2021. The results showed that subjective norms and perceived behavioral control were positively associated with the intention to use fintech for emergency fund savings, respectively. Perceived behavioral control showed a positive direct relationship with adequate emergency fund savings. Intention to use fintech for emergency fund savings showed a positive relationship with using savings apps and websites. However, only savings website use was positively associated with adequate emergency fund savings. The results suggest that fintech use – a bridge – connects between intentions to use fintech to save and adequate emergency fund savings. The findings shed light on empirical evidence in the current literature regarding the importance of fintech use in the financial services market. Financial institutions, financial advisors, and policymakers should be aware of the significance of fintech use in consumers' financial behaviors.

Borrowing From Family and Friends: Study of the European Union

Sara Diab — 2025-10-02

Informal borrowing from family and friends suffers from the lack of formal agreement and can lead to severe consequences. Self-control theory suggest some strategies to improve the saving tendencies which can reduce this type of borrowing. To examining which factors that can enhance these strategies in the European Union, this study uses balanced panel data analysis from the Global Findex and Eurostat databases for the years 2014, 2017, and 2021 and conclude a pivotal role of using debit cards and also for saving behavior in addressing this type of borrowing. The study also arises inquiries about the effectiveness of public financial education and empathizes the importance to improve related policies in the FinTech landscape. By elucidating these findings, this paper contributes to deeper knowledge of the dynamics between using debt cards and borrowing practices in the European Union.

Central Bank Digital Currency in India: Perspectives on Design Choices and Implications of e-Rupee

Vidhu Shekhar — 2025-10-02

Central Bank Digital Currencies are gaining substantial attention globally as central banks explore the design and implementation of digital currencies. This study examines the design considerations of Central Bank Digital Currencies (CBDCs) and their potential impact on India's financial services sector. Employing a mixed-methods approach, we analyse how the e-rupee, India's CBDC, may reshape the country's financial landscape. Through expert interviews (n=22), we identify key design elements of CBDCs and their implications for existing payment systems and banking services. Our findings suggest that while the e-rupee offers unique advantages regarding settlement efficiency and programmability, it faces adoption challenges due to the established dominance of existing digital payment systems. We also explore potential future use cases of CBDCs in India's financial sector and provide policy recommendations for effective CBDC implementation. The study contributes to the emerging literature on CBDCs from a developing economy context.

Guest Editorial: Navigating Contemporary FinTech Solutions

Peter Öhman — 2025-10-02

Financial Services Review Masthead: FinTech Special Issue

Elisabeth Sinnewe — 2025-10-02