Bank of Canada ties crypto investments to financial illiteracy

Canadians with low financial literacy are more likely to invest in cryptocurrencies than their economically literate compatriots. is stated in a study by the country’s central bank.

In a survey conducted from August to September 2019, the regulator asked participants to rate their knowledge of investments and retirement savings. A high score was given by 47% of respondents, a low score by 18%.

Among the second group, 8% said they owned Bitcoin and altcoins. Among people with high financial literacy, 4% did.

According to the central bank’s calculations, 5% of Canadians invest in cryptocurrencies overall. About 84% of respondents had at least heard of them.

In Russia, among bank clients only 10% are willing to invest in crypto assets. The other participants of the survey, conducted by IDF, are considering moving funds from deposits into bonds, real estate and foreign currency.

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