Fintech literacy among millennials: The roles of financial literacy and education

Abstract

While readily available fintech products are in rise for consumers, the lack of basic fintech literacy (FTL) may preclude them fully utilize its benefits. This study aims to investigate FTL, and then identifies if actual financial literacy, perceived financial literacy and demography predict FTL. Using millennials from Malaysia, the study reports that (a) millennials show medium level of FTL; (b) they display higher literacy on P2P lending, but lower on machine learning; (c) high fintech literacy millennials are male, younger, Chinese and highly educated; (d) actual financial literacy is positively associated with machine learning and crowdfunding literacy, whereas perceived financial literacy is negatively associated with robo-advisor’s literacy; (e) education has a significant positive impact on fintech’s definition, machine learning, blockchain, P2P lending and crowdfunding; (f) age has an inverse relationship with cryptocurrency and blockchain literacy. Ethnicity and gender also contribute to FTL. Implications are discussed for millennials and fintech service providers.

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