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What Drives Generation Z’s Appetite for Crypto Investment ? The Role of Financial Literacy, Gender and Channels of Influence

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  • Enareta Kurtbegu

    (Faculté de Droit, Economie et Gestion de l’université d’Angers., CONFLUENCES - SFR UA 4201 Confluences - UA - Université d'Angers, GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement)

  • Caroline Marie-Jeanne

    (IAE Angers - Institut d'Administration des Entreprises (IAE) - Angers - UA - Université d'Angers, CONFLUENCES - SFR UA 4201 Confluences - UA - Université d'Angers, GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement)

  • Bruno Séjourné

    (Faculté de Droit, Economie et Gestion de l’université d’Angers., CONFLUENCES - SFR UA 4201 Confluences - UA - Université d'Angers, GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement)

Abstract
This article investigates the factors influencing crypto knowledge and the growing interest in cryptoasset investment among French belonging to Generation Z . The empirical study of 1,050 young people reveals that general financial knowledge and gender have a significant effect on both crypto knowledge and ownership (men represent 85.2% of holders). Financial information channels exert a major influence in shaping investment behaviour. More precisely, financial websites and friends encourage real investment. Conversely, school, financial advisors and traditional media have a negative impact on actual crypto investment. When the wealth constraint is taken away, young potential investors have higher chances to be swayed by influencers and financial websites. These results highly question the role of social media in general, and finfluencers in particular, as a widely spread channel of financial information. While family, like friends, have a positive impact on the level of crypto knowledge, surprisingly, parents' socio-professional category has no influence. Nevertheless, those young raised in farming families are less likely to be or become crypto investors. This same negative effect on potential investment in cryptoassets is also found among young people with a strong interest in environmental issues. These findings, together with the high impact of the overconfidence bias, especially among men, and the importance of financial literacy in general and crypto literacy in particular, highlight the need for financial education in schools (starting at a young age) to mitigate risks and promote more informed and equitable investment participation across genders.

Suggested Citation

  • Enareta Kurtbegu & Caroline Marie-Jeanne & Bruno Séjourné, 2025. "What Drives Generation Z’s Appetite for Crypto Investment ? The Role of Financial Literacy, Gender and Channels of Influence," Post-Print hal-05237200, HAL.
    • Handle: RePEc:hal:journl:hal-05237200
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