Measuring Crypto Literacy
Michael D. Jones, Truong Luu, Binny M. Samuel · Journal of Consumer Affairs · 2025
ABSTRACT We present the construction and validation of a scale for measuring cryptocurrency knowledge. As users continue to adopt digital currencies and government agencies introduce more regulatory legislation, researchers need to understand the general public's degree of literacy in this area. Measuring financial literacy has encouraged policymakers and educators to create programs that improve financial decision‐making and increase financial empowerment. However, there is no similar corresponding scale to measure cryptocurrency (crypto) literacy. We address this gap by developing a robust survey instrument. The scale's development involves a rigorous process of item generation, analysis, and criterion validity. The resultant Crypto Literacy Scale (CLS) is a standardized measurement tool that contributes to ongoing efforts in financial education and regulation in the context of digital currencies and blockchain technology. We suggest several paths for future research in the emerging field of crypto literacy.