UNDERSTANDING AND USING DIGITAL CURRENCY TECHNOLOGY SKILLS THAT AFFECT SAVINGS OF GEN Y INVESTORS
Keywords:
Understanding Skills, Digital Currency Technology, Savings, GEN Y InvestorsAbstract
Generation Y (GEN Y) investors currently face financial challenges and increasingly use financial technology and digital currencies for saving and investing. However, investing in high-risk digital assets requires digital literacy and technological skills to manage risks effectively. Therefore, this research aimed to: (1) compare the saving and investment behaviors of GEN Y investors classified by personal factors; (2) study the digital currency technology literacy that affects saving and investment behaviors; and (3) determine guidelines for developing these skills to positively influence GEN Y investors’ saving and investment behaviors. This study employed an explanatory sequential mixed-methods design. The first phase, quantitative research, collected data from a sample of 400 GEN Y investors using convenience sampling. The second phase, qualitative research, involved in-depth interviews with 7 key informants – digital currency experts and financial academics – selected through purposive sampling until data saturation was reached. Data were analyzed using descriptive statistics, independent t-tests, one-way ANOVA, Multiple Indicators and Multiple Causes (MIMIC) structural equation modeling, and content analysis. The research findings revealed the following: (1) savings related to debt allocation differed significantly based on income; investments in high-risk assets differed significantly based on monthly savings; and other forms of investment differed significantly based on occupation, all at a statistical significance level of .05; (2) all four dimensions of digital currency technology literacy significantly influenced saving and investment behaviors. Specifically, skills in accessing digital technology and networking were the primary mechanisms affecting the allocation of funds into low-risk assets and other forms of investment, while skills in utilizing digital tools were the main positive factors influencing the allocation of funds into high-risk assets, as well as the management of the proportions of income, expenses, and debt; and (3) based on the content analysis of the in-depth interviews, the thematic categories of skill development approaches were classified into five areas: establishing a foundation in technological understanding, risk analysis skills, utilizing tools to build savings discipline, cybersecurity awareness, and sustainable investment strategies alongside self-directed learning.
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