Canadian report finds those with low financial literacy more likely to own crypto compared to the highly financially literate

A new report suggests cryptocurrency owners should check their financial literacy.

The Bank of Canada report published on August 31 found that those with low financial literacy were twice as likely to own cryptocurrency compared to the highly financially literate. 


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The Bank of Canada used the Cash Alternative Study to determine these results. Researchers estimated that 47% of Canadians are highly financially literate, 35% have a medium level and 18% have a low level. Eight percent of those with low financial literacy own cryptocurrencies compared to 4% of highly financially literate Canadians owning them. 

The study was conducted between August and September of 2019, when respondents answered questionnaires focusing on their cash use, adoption of digital payment methods and views about the effects of cash disappearing from the economy. 

Researchers calibrated the sample weight to match the socio-demographic composition of Canadian citizens to reduce bias in areas such as gender, income, education and employment status. Of Canada’s 37.5 million population in 2019, 84% of Canadians heard of cryptocurrencies and 5% owned them.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.