Evaluating the Impact of Financial Literacy and Awareness to Acceptance and Attitude Towards Cryptocurrency of Filipino Millennials Workforce in the City of Makati

Abstract

The emergence of virtual currencies in the name of cryptocurrency is a clear glimpse of what the future of finance can bring to the global economy. Along with the progressive digital transformations, cryptocurrency has started to penetrate and change traditional financial structures. The growing demand for these virtual currencies can be explained by the continuous acceptance of businesses and governments, with approximately 18,000 companies adopting cryptocurrencies as a mode of payment. The study determined the impact of financial literacy and awareness of acceptance and attitude towards cryptocurrencies of the Filipino Millennials workforce in the city of Makati with perceived benefits and risks as mediating variables. Furthermore, the study employed the descriptive-correlational research design to illustrate the variables’ existing conditions and determine the relationships between them. This study employed descriptive-correlational design which is a combination of describing the current state of the phenomena and illustrating what is the existing condition of the variables in the given situation. The data were gathered from 435 Filipino Millennials with disposable income working in the City of Makati. The results of the study show that financial literacy has a positive significant influence on the acceptance of cryptocurrencies, but it has negative significant influence on attitude and on risk and benefits perception towards cryptocurrency. The results also imply that cryptocurrency awareness has a positive significant influence on acceptance, , and risk and benefits perception. Further, this study reveals that perceived risk and benefits perception has a positive significant influence on acceptance level, but it has no significant influence on attitude. Therefore, the study reveals that financial literacy and awareness have a significant impact on the acceptance and attitude towards cryptocurrency of Filipino millennials.