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Exploring the Challenges and Opportunities of Alternative Finance Products with Indigenous Peoples Cover

Exploring the Challenges and Opportunities of Alternative Finance Products with Indigenous Peoples

Financial Planning Research Journal
Volume 9 (2023): Issue 1 (December 2023)
By: Levon Blue,  Congcong Xing,  Thu Pham and  Kerry Bodle  
Open Access
|Oct 2024

Figures & Tables

Figure 1:

Sources of learning about cryptocurrencies, NFTs, and finance apps.
Sources of learning about cryptocurrencies, NFTs, and finance apps.

Figure 2:

Social media platforms for learning about cryptocurrencies, NFTs, and finance apps.
Social media platforms for learning about cryptocurrencies, NFTs, and finance apps.

Figure 3:

The potential opportunities provided by cryptocurrencies or NFTs.
The potential opportunities provided by cryptocurrencies or NFTs.

Participants who purchased NFTs and used financial apps by demographic characteristics_

Purchase NFTSP valueUse Financial AppsP value
Yes N (%)No N (%)Yes N (%)No N (%)
Gender p = .450 p = 1.000
Female17 (27.9%)18 (29.5%) 24 (39.3%)11 (18.0%)
Male10 (27.9%)16 (26.2%) 17 (27.9%)9 (14.8%)
Age Range p = .443 p = .055
18-3414 (22.6%)14 (22.6%) 15 (24.2%)13 (21.0%)
35 or above13 (21.0%)21 (33.9%) 27 (43.5%)7 (11.3%)
Educational Level p < .001 p = .051
Non-university4 (6.5%)21 (33.9%) 13 (21.0%)12 (19.4%)
University23 (37.1%)14 (22.6%) 29 (46.8%)8 (12.9%)
Employment Condition p = .002 N/A
Full time26 (41.9%)22 (35.5%) 36 (58.1%)12 (19.4%)
Part time/casual/no1 (1.6%)13 (21.0%) 6 (9.7%)8 (12.9%)
Housing Condition p = .009 p = .410
Own a house22 (35.5%)17 (27.4%) 28 (45.2%)11 (17.7%)
Rent or other5 (8.1%)18 (29.0%) 14 (22.6%)9 (14.5%)
Living Condition p = 1.000 N/A
Living on my own6 (9.7%)8 (12.9%) 9 (14.5%)5 (8.1%)
Living with others21 (33.9%)27 (43.5%) 33 (53.2%)15 (24.2%)

j_fprj-2023-0003_tab_011

TiktokYouTubeTwitterInstagramFacebookLinkedInOther
NFTs
Cryptocurrencies
Finance apps

Demographic information of survey participants_

VariableCategoryFrequencyPercent
Gender
Male2641.9
Female3556.5
Non-binary11.6
Age Range
18-241117.7
25-341727.4
35-441727.4
45-541117.7
55-6469.8
State
NSW2845.2
QLD1727.4
SA11.6
TAS_ACT_NT69.7
VIC46.4
WA69.7
Employment condition
Full-time4877.4
Part time and/or casual914.5
Not working58.1
Educational Level
Some high school11.6
High school1016.1
TAFE1117.7
University3759.8
Other34.8
Housing
Own home with a mortgage2032.3
Own home without a mortgage1930.6
Rent your home2032.3
Prefer not to say34.8
Living condition
Living on my own1422.6
Living with others4877.4
Language at home other than English
Yes58.1
No5791.9

j_fprj-2023-0003_utab_009

Long-term investmentShort-term investmentContinuing to acquire more cryptocurrenciesNo plans to buy anymorePlanning on selling soonNone of the above are relevant to meOtherPrefer not to say
Cryptocurrencies
NFTs

j_fprj-2023-0003_utab_008

Less than $1000Between $1000 – $4,999Between $5,000 – $9,999Between $10,000 – $49,999Over $50,000Prefer not to say
Cryptocurrencies
NFTs

j_fprj-2023-0003_utab_007

Below averageAverageAbove averagePrefer not to sayN/A
NFTs
Purchasing, selling and storing cryptocurrencies
Finance apps

j_fprj-2023-0003_utab_006

Under $1000Over $1000Prefer not to say
Cryptocurrencies
NFTs

j_fprj-2023-0003_utab_005

YesNoPrefer not to say
Cryptocurrencies
NFTs

j_fprj-2023-0003_utab_004

YesNo
Cryptocurrencies
NFTs

j_fprj-2023-0003_utab_003

Software wallet (including mobile, desktop and web)Hardware walletOn the exchangeOtherNot surePrefer not to say
Cryptocurrencies
NFTs

j_fprj-2023-0003_utab_002

Potential investmentLong-term store of valueSeeking investment in decentralised currenciesTo purchase NFTsAll the hype on social mediaOtherPrefer not to say
Cryptocurrencies
NFTs

j_fprj-2023-0003_utab_001

I didMy spouse/partner didBoth of us haveOtherPrefer not to say
NFTs
Cryptocurrencies
Finance apps

j_fprj-2023-0003_utab_011

Social mediaSchool/TAFE/UniversityFamily or friendsFinancial Planner/AdvisorOtherPrefer not to say
NFTs
Cryptocurrencies
Finance apps

j_fprj-2023-0003_utab_010

Friends/ColleaguesFamily/Partner Online communitiesOtherPrefer not to say
Cryptocurrencies
NFTs
DOI: https://doi.org/10.2478/fprj-2023-0003 | Journal eISSN: 2206-1355 | Journal ISSN: 2206-1347
Journal RSS Feed
Language: English
Page range: 1 - 25
Published on: Oct 14, 2024
Published by: Financial Advice Association of Australia
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year
Keywords:
Indigenous peoples,
cryptocurrencies,
financial education,
vulnerabilities,
alternative finance
Related subjects:
Business and economics,
Political economics,
Economic theory, systems and structures,
Business management,
Business management, other,
Industries,
Banks, financial service provider, insurers

© 2024 Levon Blue, Congcong Xing, Thu Pham, Kerry Bodle, published by Financial Advice Association of Australia
This work is licensed under the Creative Commons Attribution 4.0 License.

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