{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,11]],"date-time":"2026-02-11T13:21:44Z","timestamp":1770816104530,"version":"3.50.1"},"reference-count":15,"publisher":"Emerald","issue":"2","license":[{"start":{"date-parts":[[2022,9,27]],"date-time":"2022-09-27T00:00:00Z","timestamp":1664236800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["SEF"],"published-print":{"date-parts":[[2023,2,20]]},"abstract":"<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title>\n<jats:p>This paper aims to investigate the relationship between perceived and actual financial literacy, among generally literate people, pertaining to market participation and market participation intensity. It examines such market participation in both the traditional segments of the financial markets and the new segments [cryptocurrencies, structured retail products (SRPs) and crowdfunding].<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title>\n<jats:p>The data are from a survey conducted in 2020 by the Portuguese Securities Commission in cooperation with 12 Portuguese universities. The final sample comprises 2,054 respondents. The basic and advanced financial literacy indexes were calculated following van Rooij <jats:italic>et al.<\/jats:italic> (2011). This paper uses probit regressions and ordinary least squares regressions with robust errors.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Findings<\/jats:title>\n<jats:p>This study shows that even highly literate people are influenced by their perceived financial knowledge and its bias toward their actual skills. However, overconfidence has no significant association with securities market participation but rather is marginally correlated with the intensity of such participation. Underconfidence is negatively related to both. Moreover, the relationship between advanced financial literacy and overconfidence pertaining to participation in more complex market segments depends on the product type. Specifically, overconfidence has a positive relationship with participation in cryptocurrencies and SRPs but not with crowdfunding.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title>\n<jats:p>The securities market regulators should take note that participation in some complex market segments, even among literate people, is associated with investor overconfidence. Given that effective financial literacy correlates with participation in some more complex financial market segments and not others, the implication for future research is that the performance of individual investors may differ across these different segments. Additionally, this paper argues that the metrics used to assess financial literacy must take cognizance of the topics required to participate in the new market segments of financial markets.<\/jats:p>\n<\/jats:sec>\n<jats:sec>\n<jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title>\n<jats:p>This paper augments this stream of literature in several respects. First, it focuses on highly educated and trained people rather than the general population. Second, while the previous literature measures market participation using a simple dummy to identify respondents who invest in stocks, this paper also measures the intensity of participation. In addition, this study investigates the financial literacy effect from participation in the more complex segments of the securities markets, as in the case of cryptocurrencies and SRPs.<\/jats:p>\n<\/jats:sec>","DOI":"10.1108\/sef-04-2022-0215","type":"journal-article","created":{"date-parts":[[2022,9,23]],"date-time":"2022-09-23T08:18:16Z","timestamp":1663921096000},"page":"286-301","source":"Crossref","is-referenced-by-count":2,"title":["A note on financial literacy among literate people and their participation in different securities market segments"],"prefix":"10.1108","volume":"40","author":[{"given":"Carlos Francisco","family":"Alves","sequence":"first","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2022,9,27]]},"reference":[{"key":"key2023021613062226500_ref001","doi-asserted-by":"publisher","first-page":"140","DOI":"10.1016\/j.econlet.2015.10.009","article-title":"Gender, stock market participation and financial literacy","volume":"137","year":"2015","journal-title":"Economics Letters"},{"issue":"17","key":"key2023021613062226500_ref002","doi-asserted-by":"publisher","first-page":"1693","DOI":"10.1080\/13504851.2011.652772","article-title":"Exponential growth bias and financial literacy","volume":"19","year":"2012","journal-title":"Applied Economics Letters"},{"issue":"2","key":"key2023021613062226500_ref003","doi-asserted-by":"publisher","first-page":"504","DOI":"10.1108\/SEF-09-2020-0388","article-title":"Impact of digital financial inclusion on ASEAN banking stability: implications for the post-Covid-19 era","volume":"38","year":"2021","journal-title":"Studies in Economics and Finance"},{"issue":"1","key":"key2023021613062226500_ref004","doi-asserted-by":"crossref","first-page":"261","DOI":"10.1162\/003355301556400","article-title":"Boys will be boys: gender, overconfidence, and common stock investment","volume":"116","year":"2001","journal-title":"The Quarterly Journal of Economics"},{"key":"key2023021613062226500_ref005","doi-asserted-by":"publisher","first-page":"15","DOI":"10.1016\/j.jbankfin.2017.11.006","article-title":"Financial literacy and participation in the derivatives markets","volume":"88","year":"2018","journal-title":"Journal of Banking and Finance"},{"issue":"3","key":"key2023021613062226500_ref006","doi-asserted-by":"publisher","first-page":"589","DOI":"10.1111\/fima.12283","article-title":"Financial literacy and financial resilience: evidence from around the world","volume":"49","year":"2020","journal-title":"Financial Management"},{"issue":"1","key":"key2023021613062226500_ref007","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1186\/s41937-019-0027-5","article-title":"Financial literacy and the need for financial education: evidence and implications","volume":"155","year":"2019","journal-title":"Swiss Journal of Economics and Statistics"},{"issue":"1","key":"key2023021613062226500_ref008","doi-asserted-by":"publisher","first-page":"205","DOI":"10.1016\/j.jmoneco.2006.12.001","article-title":"Baby boomer retirement security: the roles of planning, financial literacy, and housing wealth","volume":"54","year":"2007","journal-title":"Journal of Monetary Economics"},{"issue":"1","key":"key2023021613062226500_ref009","doi-asserted-by":"publisher","first-page":"5","DOI":"10.1257\/jel.52.1.5","article-title":"The economic importance of financial literacy: theory and evidence","volume":"52","year":"2014","journal-title":"Journal of Economic Literature"},{"issue":"2","key":"key2023021613062226500_ref010","doi-asserted-by":"publisher","first-page":"331","DOI":"10.1108\/SEF-05-2021-0216","article-title":"Does financial literacy \u2018grease the wheels\u2019 of the loans market? 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