Our Malaysian Dataset (Part 2) - Financial Literacy and High Risk Financial Vehicles

Abstract

This study investigates the relationship between financial literacy and Higher Risk Financial Vehicles (HRFV), including cryptocurrency, foreign exchange (Forex), options, futures, and sports betting. Using survey data from 144 Malaysian respondents, we adapted questions from a Ghanaian sports betting study (Ofosu and Kotey, 2019) to examine two key questions:

• Does financial literacy affect how individuals perceive HRFV risk?
• Does financial literacy discourage or encourage HRFV participation?

Our analysis reveals a paradoxical finding. Individuals with higher financial literacy (1 standard deviation above the mean) perceive HRFVs as significantly riskier than the general population, yet they have greater confidence and willingness to participate in these instruments. This effect is most pronounced for cryptocurrency, where financially literate participants shift from feeling "very scared" to "confident." The results suggest that financial literacy increases risk awareness but simultaneously empowers individuals to engage with high-risk investments, challenging the assumption that financial education necessarily promotes risk avoidance.

Key Findings

Risk Perception Increases with Financial Literacy

Individuals with higher financial literacy (≥1 SD above mean) consistently rated HRFVs as riskier than the general population:

• Cryptocurrency: Mean risk score increased from 3.22 to 3.39
• Forex: Increased from 2.59 to 2.67
• Futures: Increased from 2.53 to 2.72
• Sport Betting: Increased from 3.28 to 3.5
• Options: Slight decrease from 2.42 to 2.33 (only exception)

The relationship between financial literacy and total risk perception was statistically significant (p < 0.05), confirming that financial literacy enhances awareness of HRFV risks.

The Confidence Paradox

Despite heightened risk awareness, financially literate individuals demonstrated greater confidence in participating in HRFVs:

General Population vs. Higher Financial Literacy Group:

• Cryptocurrency: Sentiment shifted from -18.0 (fearful) to 0.0 (neutral/confident)
• Forex: Improved from 2.0 to 4.0 (more confident)
• Sport-Betting: Improved from 5.0 to 4.0 (slight decrease)
• Options: Changed from -6.0 to -1.0 (less fearful)
• Futures: Changed from -3.0 to -1.0 (less fearful)

The most dramatic shift occurred in cryptocurrency, where the general audience felt "very scared" while those with higher financial literacy felt "confident" despite rating it as riskier.

Participation Rates

Out of 144 survey respondents, 51 participants (35.4%) reported exposure to at least one HRFV, with cryptocurrency being the most common entry point.

Implications

Financial literacy does not discourage HRFV participation; instead, it empowers individuals to engage with these instruments more confidently. This suggests that financial education programs should not only focus on risk awareness but also on responsible risk management strategies for those who choose to participate in HRFVs.

Introduction

In part 1, we looked into the relationship between Financial Literacy, Financial Well Being and other Sociodemographic and financial behaviourial factors. For this part, we will be looking into the relationship with Financial Literacy and the participation and perception of Higher Risk Financial Vehicle.

Background Research

Avoidance of Higher Risk Financial Vehicle

There were also studies that explore the relationship with financial literacy and stock market participation. Two studies, Hii et al. (2022) and Yang et al. (2021), examined the relationship but yielding contradictory results. Hii et al. (2022) found a positive relationship, suggesting that individuals with financial literacy are more likely to participate the stock market while Yang et al. (2021) demonstrated that factors such as risk tolerance, social interaction and herding behavior, played a more significant role in stock market participation, while the influence of financial well-being and financial literacy was found to be insignificant.

Furthermore, as shown in studies by (Nyemcsok et al., 2022) and (McGee, 2020), normalization and proliferation of HRFV platforms can be problematic as individuals today might participate in HRFV for its faster and higher returns. As mentioned in the studies, this is bad because HRFV includes betting and gambling platforms, participants might get addicted to it. On the other hand, in this study by Ofosu and Kotey, (2019), participants have easy access to sports betting, but the participants did not view sport betting as a substitute to investing. Instead, they viewed it as a way to make short term gains to complement their investment or financial goals, as they were risk-aware, risk averse and educated enough to also understand the associated risks of sport betting. Furthermore, due to the rise in cryptocurrency during the pandemic, it has also solidified itself as an option to generate some extra wealth. Additionally, the study by Zhao and Zhang, (2021), show that financial literacy and investment experiences positively influence in participation of investing in cryptocurrency. Therefore, this project will attempt to find and explore the relationship between financial literacy and the avoidance of HRFV.

Operational Definitions

Higher Risk Financial Vehicle (HRFV)

In the context of this project, higher risk financial vehicles refer to activities such as sport betting, day trading with leveraged financial products such as options and foreign exchange, and involvement in cryptocurrency for the intention of profit. Because in most cases, participation in the stock market is already considered of high risk, but due to the normalization of these HRFVs for higher and faster returns, individuals today might move towards HRFVs as resistance and friction to accessing them decreases day by day. To address this, questions are inspired and referenced from several studies. The questions covering this topic for will be using a 5-point Likert scale for more accurate measures and it can also easily be converted into other format of measure to compare with other studies.

Research Objectives

1. To understand the relationship between financial literacy and avoidance of HRFV
2. To explore the views of the target demographic in regards to HRFV

Research Questions

1. Does possessing financial literacy effect how an individual view HRFV?
2. Does possessing financial literacy discourage or encourage an individual from participating in HRFV?

Data collection / Survey design

Population and Sample

We will be using the same dataset as part 1. In our survey, we largely based it off from the works of Nițoi et al. (2022) for the data collection for sociodemographic and financial characteristics factors, but to collect relevant data on the views these Higher Risk Financial Vehicles, we referenced the survey questions done by a Ghanaian study, Ofosu and Kotey, (2019). Changes and adaptations of the questions from the Ghanaian study is shown in the appendix.

Does possessing financial literacy effect how an individual view HRFV?

First, we will need to process the HRFV part of the survey, as we will show below. We do not have the Ghanaian dataset, but we can also compare the results of our dataset with the result shown in the Ghanaian paper about sport betting.

We will also be filtering for individuals with 1 standard deviation more than the mean in terms of financial literacy, and understand their views.

for num, col in enumerate(our_dataset):
    if num > 40 and num < 79:
        print(str(num) + '\t' + col)

41	15.4. My finances control my life
42	16. Which of the following represents the highest probability?
43	17. Suppose you had $100 in a savings account and the interest rate was 10 percent per year. After 5 years, how much do you think you would have in the account if you left the money to grow
44	18. True or false: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less
45	19. Assume a friend inherits $50,000 now, and his sibling inherits $50,000, 3 years from now. Who is richer because of the inheritance?
46	20. Suppose over the next 10 years the prices of things you buy double. If your income also doubles, will you be able to buy less than you can buy today, the same as you can buy today, or more than you can buy today?
47	21. Suppose you have some money. It is safer to put your money into one business or investment, or to put your money into multiple businesses or investments?
48	22. Considering a long time period (for example, 10 or 20 years), which asset normally gives the highest return?
49	23. Normally, which asset displays the highest fluctuations over time?
50	24. What are you views on the risk involved in the following financial instruments?
51	24.1. Cryptocurrency
52	24.2. Foreign Exchange (Forex)
53	24.3. Options
54	24.4. Futures
55	24.5. Sport Betting
56	24.a. If you have any other opinions regarding any of the above financial vehicle, please input your thoughts:
57	25. If you had $100,000 as a gift, what would you do with it given the following options? Lower risk investments: Fixed deposits, Government bills or Bonds. Higher risk investments: Cryptocurrency, Options, Forex, Futures, Sport-betting
58	26. Have you invested or used any of the higher-risk financial vehicle? Select those that you have been exposed to before.
59	26.a. How do you feel when participating in Cryptocurrency?
60	26.a.i. If you selected Other, please specify. Input NA if not applicable:
61	26.b. How do you feel when participating in Options?
62	26.b.i. If you selected Other, please specify. Input NA if not applicable:
63	26.c. How do you feel when participating in Foreign Exchange (Forex)?
64	26.c.i. If you selected Other, please specify:
65	26.d. How do you feel when participating in Futures?
66	26.d.i. If you selected Other, please specify:
67	26.e. How do you feel when participating in Sport-Betting?
68	26.e.i. If you selected Other, please specify:
69	26.f. Which of the following says more about you?
70	26.g. Do you have any other investments elsewhere, other than the listed higher risk financial vehicles?
71	26.h. Do you have investments elsewhere, that are not the list of higher risk financial vehicle listed in the survey?
72	Age Bin
73	Educational Attainment
74	Monthly Income
75	Financial Recording
76	Saved or Invested in Bonds
77	Saved or Invested in Cryptocurrency
78	Saved or Invested in Foreign Exchange (Forex)

our_dataset_HRFV = our_dataset[our_columns[50:72]]
our_dataset_HRFV

Firstly, we can take the list of HRFV, can turn them into quantifiable measures.

for num, col in enumerate(our_dataset_HRFV):
    print(str(num) + '\t' + col)

0	24. What are you views on the risk involved in the following financial instruments?
1	24.1. Cryptocurrency
2	24.2. Foreign Exchange (Forex)
3	24.3. Options
4	24.4. Futures
5	24.5. Sport Betting
6	24.a. If you have any other opinions regarding any of the above financial vehicle, please input your thoughts:
7	25. If you had $100,000 as a gift, what would you do with it given the following options? Lower risk investments: Fixed deposits, Government bills or Bonds. Higher risk investments: Cryptocurrency, Options, Forex, Futures, Sport-betting
8	26. Have you invested or used any of the higher-risk financial vehicle? Select those that you have been exposed to before.
9	26.a. How do you feel when participating in Cryptocurrency?
10	26.a.i. If you selected Other, please specify. Input NA if not applicable:
11	26.b. How do you feel when participating in Options?
12	26.b.i. If you selected Other, please specify. Input NA if not applicable:
13	26.c. How do you feel when participating in Foreign Exchange (Forex)?
14	26.c.i. If you selected Other, please specify:
15	26.d. How do you feel when participating in Futures?
16	26.d.i. If you selected Other, please specify:
17	26.e. How do you feel when participating in Sport-Betting?
18	26.e.i. If you selected Other, please specify:
19	26.f. Which of the following says more about you?
20	26.g. Do you have any other investments elsewhere, other than the listed higher risk financial vehicles?
21	26.h. Do you have investments elsewhere, that are not the list of higher risk financial vehicle listed in the survey?

# Print the unique values for reference
our_dataset_HRFV[our_dataset_HRFV.columns[2]].unique()

array(['Risk is Manageable', 'Somewhat Risky', 'It is Risky',
       'Very Risky', 'There are no Risk'], dtype=object)

# Custom dict to convert them into numbers
risk_dict = {
    'There are no Risk': 0,
    'Risk is Manageable': 1,
    'Somewhat Risky': 2,
    'It is Risky':3,
    'Very Risky':4
}

# Get the list of columns
HRFV_columns = our_dataset_HRFV.columns[1:6]
HRFV_converted_columns = [
    'Cryptocurrency',
    'Foreign Exchange (Forex)',
    'Options',
    'Futures',
    'Sport Betting']

for num, col in enumerate(HRFV_columns):
    our_dataset_HRFV[HRFV_converted_columns[num]] = \
        our_dataset_HRFV[col].map(risk_dict)

our_dataset_HRFV

Filter for those that have Financial Literacy 1 standard deviation above the mean

We will now filter for those that have Financial Literacy that are 1 standard deviation above the mean, as done so for the previous part. Using similar methods, we will compare the change in mean of the unfiltered and filtered dataset.

# Add the Financial Literacy Score
our_dataset_HRFV['Financial Literacy Score'] = our_dataset_subset['Financial Literacy Score']

# Filter those that have higher financial literacy
HRFV_fl_threshold_filter = our_dataset_HRFV['Financial Literacy Score'] >= our_financial_literacy_threshold

# Loop through the 5 columns
for col in HRFV_converted_columns:

    # Mean of main dataset
    mean = round(our_dataset_HRFV[col].mean(),2)

    # Mean of subset dataset
    new_mean = round(our_dataset_HRFV[HRFV_fl_threshold_filter][col].mean(),2)

    # Prints
    print(col)
    print('-------------------')
    print('Main Dataset: \t\t', mean)
    print('Filtered Dataset: \t',new_mean)
    print()

Cryptocurrency
-------------------
Main Dataset: 		 3.22
Filtered Dataset: 	 3.39

Foreign Exchange (Forex)
-------------------
Main Dataset: 		 2.59
Filtered Dataset: 	 2.67

Options
-------------------
Main Dataset: 		 2.42
Filtered Dataset: 	 2.33

Futures
-------------------
Main Dataset: 		 2.53
Filtered Dataset: 	 2.72

Sport Betting
-------------------
Main Dataset: 		 3.28
Filtered Dataset: 	 3.5

Based on the above method, we can see that individuals with higher financial literacy, view HRFV to be of higher risk than the sample in the main dataset, except for Options, which we see a small decrease. Therefore, with more understanding of the financial instruments, there are increased understanding of the risk.

To see if they are statistically significant, we can combine the total risk score of all 5 columns into one column and t test it with Financial Literacy.

# Getting the mean of all the HRFV
our_dataset_HRFV['Total Risk Score'] = our_dataset_HRFV[HRFV_converted_columns].mean(axis=1)

# T test
stats, p_value = ttest_ind(
    our_dataset_HRFV['Total Risk Score'],
    our_dataset_HRFV['Financial Literacy Score']
)

# Result
if p_value < 0.05:
    print('The two columns are statistically significant')
else:
    print('The two columns are not statistically significant')

The two columns are statistically significant

Therefore, we can confirm that financial literacy does affect ones view on HRFV, it increases the perceived risk.

Does possessing financial literacy discourage and encourage an individual from participating in HRFV?

Now we will look into whether if having financial literacy affects the view of an individual, we will continue to explore how they feel about it and whether it discourages them or encourages them to participate. Based on the column print on top, columns 8 to 18 are specifically asking survey participants which HRFV have they participated in, as well as how did they feel about it. Therefore, these columns are not complete and we may not come to a proper conclusion.

our_dataset_HRFV[our_dataset_HRFV.columns[8]].unique()

array(['Cryptocurrency,Foreign Exchange (Forex)',
       'Cryptocurrency,Sport-Betting',
       'No, I am not exposed to any of the higher-risk financial vehicle.',
       'Cryptocurrency', 'Options', 'Foreign Exchange (Forex)',
       'Cryptocurrency,Options', 'Futures',
       'Foreign Exchange (Forex),Sport-Betting',
       'Cryptocurrency,Options,Foreign Exchange (Forex),Futures,Sport-Betting',
       'Cryptocurrency,Futures',
       'Options,Foreign Exchange (Forex),Futures', 'Sport-Betting'],
      dtype=object)

# Split each row as it contains multiple entries
our_dataset_HRFV_participation = \
    our_dataset_HRFV[our_dataset_HRFV.columns[8]].str.split(',', expand = True).stack()

# Take the values and turn it into columns, and fill the blanks with 0s
our_dataset_HRFV_participation = pd.get_dummies(our_dataset_HRFV_participation)\
    .groupby(level=0).sum()

# Drop the No column, similar to ' I am not exposed ...' as it mistaken as another entry because we split using the coma.
our_dataset_HRFV_participation = our_dataset_HRFV_participation.drop('No', axis = 1)

# Store it into the dataset
our_dataset_HRFV[our_dataset_HRFV_participation.columns] = our_dataset_HRFV_participation

our_dataset_HRFV

# Get count for those that expose them self
our_dataset_HRFV_participation.loc[
    our_dataset_HRFV_participation[' I am not exposed to any of the higher-risk financial vehicle.']
 == 0].shape[0]

51

The above shows how many people that participate in HRFV.

The following code will be converting the column into numeric data once again. But this time rather than only values between 0 to 4 or 0 and 1, will be treating it like a score system. 'I feel confident' will be a +2, 'I feel somewhat nervous' is -1 and 'I feel very scared' will be -2. Then when we total the column, if it is a positive value, this shows that even though individual understood the risk, they would still participate in HRFV. Not only will they participate but also feel encouraged, while the other discouraged, but would still continue for reasons.

HRFV_feel_columns = [col for col in our_dataset_HRFV.columns if 'How do you' in col]
HRFV_processed_feel_columns = ['Cryptocurrency Feel', 'Options Feel', 'Forex Feel', 'Futures Feel', 'Sport-Betting Feel']
custom_feel_dict = {
    'I feel confident': 2,
    'I feel somewhat nervous': -1,
    'I feel very scared': -2,
    "I don't feel anything": 0
}

for num, col in enumerate(HRFV_feel_columns):
    our_dataset_HRFV[HRFV_processed_feel_columns[num]] = our_dataset_HRFV[col].map(custom_feel_dict)

our_dataset_HRFV[HRFV_processed_feel_columns] = our_dataset_HRFV[HRFV_processed_feel_columns].fillna(0)

print('General Dataset Audiences: ')
print('--------------------------------')
print(our_dataset_HRFV[HRFV_processed_feel_columns].sum())

print()

print('Higher Financial Literacy Dataset Audiences: ')
print('--------------------------------')
print(our_dataset_HRFV[HRFV_fl_threshold_filter][HRFV_processed_feel_columns].sum())

General Dataset Audiences:
--------------------------------
Cryptocurrency Feel   -18.0
Options Feel           -6.0
Forex Feel              2.0
Futures Feel           -3.0
Sport-Betting Feel      5.0
dtype: float64

Higher Financial Literacy Dataset Audiences:
--------------------------------
Cryptocurrency Feel    0.0
Options Feel          -1.0
Forex Feel             4.0
Futures Feel          -1.0
Sport-Betting Feel     4.0
dtype: float64

Based on the results shown, we can see that in the general dataset, Cryptocurrency is viewed not only risky but when individuals participate, they feel very scared about it. But for the those with higher financial literacy, there is a huge increase in confidence. This indicates that having financial literacy, even though this group understand the risk and also rated it higher, but they are still encouraged to invest in it anyways. Same goes for the rest of the HRFV, but not on the magnitude of Cryptocurrency. Sport-Betting is the only one that has a decrease of by 1.

Conclusion

1. Does possessing financial literacy effect how an individual view HRFV?
2. Does possessing financial literacy discourage or encourage an individual from participating in HRFV?

To answer the research questions, for question 1, those who possesses financial literacy 1 standard deviation above the mean, perceive our list of HRFVs to be more riskier. They have increased awareness of the risk of the financial products.

For questions 2, however, that does not stop them from participating in them and actually feel more empowered to do so. This is very clear for Cryptocurrency, where the general audience feels very ensure about it, but those with higher financial literacy, feel confident and seem to be encouraged in investing/trading in Cryptocurrency.

References

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Appendix

List of Questions - Higher Risk Financial Vehicle and Ghana Sport Betting Study

Changes with the Ghanaian Study

As shown above, the changes that were made to accommodate the topic of choice for this project. We used this as reference study because of the topic and that the question structure seem fitting for the scope of the project.

The questions that were asked in Ghanaian study are listed below:

1. Do you see sports betting as very risky or not?

   • Yes, it is very risk
   • No, it is not
   • No response

2. If you had GHC 10,000, what would you do with it?

   • I would invest it in treasury bills or other investments
   • I would most likely spend it
   • I will bet it on sports so I would triple the money
   • I would save half and bet the rest on sports

3. If you are asked to stop sports betting and receive GHC 10,000, would you do it?

   • Yes, I would
   • No, I would not
   • No response

4. How do you feel when participating in sports betting?

   • I feel great
   • I feel anxious
   • I feel confident
   • I feel very scared
   • No response

5. Do you have any investments elsewhere?

   • No, sports is my only investments
   • Yes, I have investments elsewhere and I use the profits to bet on sports
   • Yes, I have other investments because I do not need one
   • No response

6. Which of the following are you able to do more because of betting?

   • I am able to save more from my betting gains
   • I spend more of my money on betting, one day I will win big
   • I am able to have a more fulfilling and happier even though I do not win all my bets
   • No response.

The changes that we have made are listed below.

1. We have applied this question to all the HRFV, but it only appears if participants were to have select that they have invest or save with the instrument before. We also implemented a likert scale rather than binary choice, just in case if it can support certain findings and the freedom of having more values to be process or formed later on.

2. Changed the currency and the amount to adapt to current audience. Rearranged the choices to have an arbitrary scale. Started with spending it all. Then, 'I would invest all into higher risk investments' is adapted from 'I would bet it on sports so I would triple the money'. We have removed the reason at the back, 'so i could tripple the money', because that could make the answer a little too outstanding and make participant unconsciously pick it. Then added the option of half invest into lower risk investment, as to have some from of gradient, or a spectrum to the finding.

3. Skipped as the question felt pointless after asking something similar already.

4. This is implemented similar to 1., where only if participants answer that they have invested with the particular instrument, then the question will pop up.

5. Included another choice to make the answer transition better from one choice to the next better.