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Payment literacy pays off: higher trust and financial inclusion

Author

Listed:
  • Carin van der Cruijsen
  • Jakob de Haan

Abstract

This paper proposes a payment literacy index, developed using a comprehensive consumer survey in the Netherlands to assess knowledge of both traditional and new payment methods, as well as fraud in the payment system. The index suggests that there is considerable room for improvement in payment literacy. Payment literacy is influenced by a number of personal characteristics, the information sources used, experiences with fraud, and the desire to be well informed about payments. Our findings suggest a positive relationship between payment literacy and trust in the payment system and banks, as well as the likelihood of individuals adopting new payment methods and making payments independently.

Suggested Citation

  • Carin van der Cruijsen & Jakob de Haan, 2025. "Payment literacy pays off: higher trust and financial inclusion," Working Papers 831, DNB.
    • Handle: RePEc:dnb:dnbwpp:831
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    More about this item

    Keywords

    payment literacy; payments; financial inclusion; financial literacy; trust;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G50 - Financial Economics - - Household Finance - - - General
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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