Financial Literacy and its Influence on Internet Banking Behaviour

Amid the technological disruptions that are changing the financial services industry at a rapid pace, consumers need to make progressively more well-informed financial decisions. Today’s complex financial markets offer consumers a vast array of digital financial instruments, so they must be equipped with the knowledge and skill set required to evaluate the options, and make the best choices to maximise their long-term financial wellbeing.

This paper presents the survey results for financial literacy among Cypriot adults and reports their financial aptitude and behaviour. Additionally, it investigates for the first time the implications of financial literacy on respondents’ usage of digital financial services, particularly internet banking (i-banking).