Cos a, Ma iana; Au-Yong-Oli ei a, Manuel; Mo ei a, Ana
A icle
Fin ech: e idence o he u gen need o imp o e inancial
li e acy in Po ugal
Adminis a i e Sciences
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e idence o he u gen need o imp o e inancial li e acy in Po ugal, Adminis a i e Sciences, ISSN
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Ci a ion: Cos a, Ma iana, Manuel
Au-Yong-Oli ei a, and Ana Mo ei a.
2024. Fin ech: E idence o he U gen
Need o Imp o e Financial Li e acy in
Po ugal. Adminis a i e Sciences 14:
99. h ps://doi.o g/10.3390/
admsci14050099
Recei ed: 9 Ma ch 2024
Re ised: 20 Ap il 2024
Accep ed: 11 May 2024
Published: 13 May 2024
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adminis a i e
sciences
A icle
Fin ech: E idence o he U gen Need o Imp o e Financial
Li e acy in Po ugal
Ma iana Cos a 1, Manuel Au-Yong-Oli ei a 1,2,3 and Ana Mo ei a 4,5,6,*
1Depa men o Economics, Managemen , Indus ial Enginee ing and Tou ism, Uni e si y o A ei o,
3810-193 A ei o, Po ugal; [email p o ec ed] (M.C.); [email p o ec ed] (M.A.-Y.-O.)
2INESC TEC—Ins i u e o Sys ems and Compu e Enginee ing, Technology and Science,
4200-465 Po o, Po ugal
3GOVCOPP—Resea ch Uni on Go e nmen , Compe i i eness and Public Policies, Campus Uni e si á io de
San iago, Uni e si y o A ei o, 3810-193 A ei o, Po ugal
4School o Psychology, ISPA—Ins i u o Uni e si á io, Rua do Ja dim do Tabaco 34, 1149-041 Lisboa, Po ugal
5APPsyCI—Applied Psychology Resea ch Cen e Capabili ies and Inclusion, ISPA—Ins i u o Uni e si á io,
Rua Ja dim do Tabaco 34, 1149-041 Lisbon, Po ugal
6Faculdade de Ciências e Tecnologia, Uni e sidade Eu opeia, Quin a do Bom Nome, Es . da Co eia 53,
1500-210 Lisboa, Po ugal
*Co espondence: amo [email p o ec ed]
Abs ac : Fin ech has e olu ionized he inancial sec o , p o iding a new way o p o iding banking
se ices. Since Fin ech can p o ide he same se ices as adi ional banks bu en i ely online, i is
a compe i o . As a esul , consume s’ ela ionships wi h banking ha e ine i ably changed, and i
is he e o e ele an o analyze hese changes. The main objec i e o his s udy is o unde s and
people’s pe cep ions o Fin ech, hei le el o knowledge abou i , and he impac o i s eme gence on
adi ional banking. The s udy sample consis ed o 174 pa icipan s. A quan i a i e me hodology
was used o es he hypo heses o mula ed. The esul s show ha pa icipan s who know abou
Fin ech and pe cei e i as sa e ha e a g ea e in en ion o changing banks. On he o he hand, hey
pe cei e ha supe ision and egula ion in adi ional banks is highe han in Fin ech. Among he
easons o becoming a Fin ech cus ome , he mos men ioned we e lowe cos s and he ac ha hey
p o ide g ea e con enience and ease o use. I will be in Fin ech’s in e es o con inue wo king wi h
egula o s so ha he sec o makes p og ess in his a ea and consume s can ecognize g ea e equali y
be ween adi ional banks and Fin ech in he u u e.
Keywo ds: a i icial in elligence; consume s; banking; inance; inancial inno a ion; Fin ech
1. In oduc ion
The wo ld we li e in is cons an ly changing. Thus, socie y and people’s way o
li e ha e changed signi ican ly o e he las ew yea s because o cons an globaliza ion,
digi aliza ion, and echnological de elopmen s, ine i ably ha ing consequences o he
mos di e se business sec o s ha a e indispensable o socie y. The banking sec o has been
no excep ion, ha ing adap ed o hese changes, leading o he eme gence o digi al banking.
This change is s ill ecen , and i ep esen s an al e na i e o consume s o he adi ional
banking sys em ha we know so well and ha has been p esen in people’s li es o so
many yea s.
Technological and inancial inno a ion has led o new ways o p o iding inancial
se ices ha a e mo e e icien and con enien (Cahe e 2020) and c ea e las ing economic
alue o hei use s, whe he hey a e inancial ins i u ions, in es o s, o o he s (Tilman
2020). Wi h he g ow h in he numbe o egula sma phone use s since 2000, he g ow h
o digi al banking has been acili a ed, wi h paymen s and ansac ions being made ia
sma phone, o example (Lee and Shin 2018). Thus, he impac o echnology and he
in e ne is no o ious in he banking sec o , ha ing been no iced by some e y impo an
Adm. Sci. 2024,14, 99. h ps://doi.o g/10.3390/admsci14050099 h ps://www.mdpi.com/jou nal/admsci
Adm. Sci. 2024,14, 99 2 o 20
igu es, such as Bill Ga es, who mo e han 25 yea s ago dismissed adi ional banks, calling
hem “dinosau s” (Mills and McCa hy 2017).
This is how Fin ech came o be one o he mos c ucial inno a ions in he inancial a ea
(Lee and Shin 2018), which p o ides all he se ices also p o ided by adi ional banking,
such as c edi s, paymen s, and ans e s, among o he s (Fe nandes 2019), and which has
been e ol ing apidly, due in pa o a o able egula ions, in o ma ion echnologies, and
he “sha ing economy” (Lee and Shin 2018). Fin ech ep esen s one o he bigges agen s
o change in he inancial sec o wo ldwide (Mo ei a-San os e al. 2022), and i s g ow h
e eals a majo challenge o adi ional banking, which is a en i e o i s impac s on he
banking sec o (Fe nandes 2019;Jones and Ozcan 2021).
Eu ope is an in e es ing ma ke o Fin ech companies, wi h se e al coun ies such
as he Ne he lands, Sweden, Denma k, and Swi ze land a he op o he 2020 Global
Inno a ion Index. I cu en ly ep esen s 27% o he cumula i e global alua ion o he
Fin ech indus y, ecei ing 20% o o al en u e capi al in es men s. Fin ech is he la ges
ca ego y o his in es men , wi h a highe pe cen age han Asia and he Uni ed S a es.
Ano he impo an ac o ha makes Eu ope an in e es ing ma ke o hese companies
is he high le el o digi iza ion and ease o adap a ion o se ices. Wes e n Eu ope in
pa icula is an inno a i e egion ha quickly adop s new echnologies (Paulsen 2024).
In he Eu opean con ex , Po ugal is he coun y ha is ageing a he as es a e, and
in 2022, hal o i s popula ion was o e 46.8 yea s old, he second-highes median age
among he 27 s a e membe s o he Eu opean Union (Fa ia 2023). Fu he mo e, acco ding
o he la es da a om he Eu opean Cen al Bank o 2020, Po ugal was in las place in
he inancial li e acy anking o he 19 eu ozone coun ies (Público 2022). Ano he s udy
published in 2024 by he B uegel hink ank ela ing o a su ey ca ied ou by he Eu opean
Commission in 2023 places Po ugal as he second wo s - anked coun y in he Eu opean
Union in e ms o inancial li e acy (Jo nal de No ícias 2024). Gi en hese wo ac o s,
Po ugal ep esen s an in e es ing coun y o s udy in he ield o Fin ech, as i s ands ou
nega i ely ega ding issues ele an o he knowledge and use o Fin ech.
The e o e, o digi al banking o ha e cus ome s, consume s need o be open o
making he ansi ion om adi ional o digi al. We should also add ha he low le el o
inancial li e acy in Po ugal ansla es in o a ce ain eluc ance when i comes o changing
banks. I he sys em is use - iendly, up- o-da e, and allows au onomy, i can make i
easie o use s o swi ch banks (Cahe e 2020). To open an accoun wi h Fin ech, he
cos aspec will be impo an , as well as con enience and ease (Fe nandes 2019). Finally,
acco ding o he li e a u e, i is young people who a e mo e open o change, especially
in ela ion o digi al echnology, and hey ha e been esponsible o he pa adigm shi
(Cahe e 2020;Dua e 2019).
Despi e he isible g ow h o digi al banking, some au ho s conside ha adi ional
banking s ill has a lo o o e and has he capaci y o e ain old cus ome s and a ac new
ones. This is because di e en business models end o a ac di e en ypes o cus ome s
(Cahe e 2020), and some cus ome s p e e pe sonalized, ace- o- ace se ice, some hing ha
digi al banking canno o e since i does no p o ide physical b anches (Fe nandes 2019).
Mos o he s udies on Fin ech ha e been pe o med om a business pe spec i e,
such as he s udies by Haddad and Ho nu (2019) and Wang e al. (2021). Howe e , his
s udy aims o analyze he e olu ion o Fin ech compa ed o mo e adi ional banks om a
consume pe spec i e.
The main objec i e o his s udy is o unde s and people’s pe cep ions o Fin ech, hei
le el o knowledge abou i , and he impac o i s eme gence on adi ional banking. Thus,
i aims o unde s and a wha poin people’s knowledge o Fin ech is, why hey use i
o no , and how hey pe cei e i s le el o secu i y. I also wan s o unde s and people’s
pe spec i es on he supe ision and egula ion o bo h digi al and adi ional banking. As
o he impac on adi ional banking, i aims o unde s and o wha pu poses people
use Fin ech and o wha ex en his may in luence hei use o adi ional banking. In
Adm. Sci. 2024,14, 99 3 o 20
addi ion, i also aims o unde s and whe he he COVID-19 pandemic has been able o
impac people’s willingness o use Fin ech.
Resea ch ques ions allow us o iden i y he ques ion o p oblem we wan o s udy and
o de ine wha he esea ch will seek o disco e , explain, and answe . These ques ions mus
be clea ly de ined and will be he ocus o he esea ch (Saunde s e al. 2019). Conside ing
he gaps ound in he li e a u e and he ac ha his is an unde de eloped opic, he
ollowing desc ip i e and explo a o y esea ch ques ions we e d awn up (Saunde s e al.
2019), which we in end o answe :
1. Wha is he le el o knowledge and use o Fin ech in Po ugal?
2. Wha do cus ome s pe cei e o be he deg ee o secu i y o Fin ech?
3.
Wha do cus ome s assess he egula ion and supe ision o adi ional banking and
Fin ech o be?
2. Li e a u e Re iew
2.1. Financial Inno a ion
The las decade has posed eno mous challenges o inancial ins i u ions, pa icula ly
he majo inancial c isis a ound he wo ld, esponsible o he loss o con idence in he
adi ional inancial sec o by i s cus ome s (Boo e al. 2021;Fab is 2022) and also gene a ing
an inc ease in ope a ing cos s. Thus, his c isis was esponsible o inancial change
and inno a ion (Fab is 2022). Ano he d i e o change in he economy is he ou h
indus ial e olu ion, gi en he sp ead o digi al echnologies (Va doma skya e al. 2021),
he de elopmen and sp ead o he in e ne , and he digi iza ion and compu e iza ion o
social and economic li e (G ˛asio kiewicz e al. 2020).
Howe e , digi al echnologies a e cu en ly esponsible, in a way, o ye ano he
e olu ion in he banking sec o , as adi ional inancial ope a o s ha e made e o s o
adap quickly o echnological de elopmen s so as no o be le behind in he way hey
deal wi h hei cus ome s (Del Sa o e al. 2023).
Financial inno a ions, in gene al, e e o he desc ip ion o he unin e up ed p ocess
o mu a ions in inancial sys ems, comp ising a ious elemen s such as ma ke s, inancial
se ices and p oduc s, inancial ins i u ions, inancial supe iso s, inancial in as uc u es,
and inancial egula ion. These mu a ions can be de ined in isola ion, o , mo e o en,
hey can in e ac (G ˛asio kiewicz e al. 2020). Mos o hese inno a ions a ise in esponse
o he needs o he use s o inancial sys ems and he oppo uni ies ha a ise o hei
s akeholde s, hese being inancial ins i u ions, egula o s, economic agen s, and cus ome s
(G ˛asio kiewicz e al. 2020).
The inancial sec o is cha ac e ized by apid g ow h, whe e inno a ion is essen ial
o i s g ow h and de elopmen (Ma ince ic e al. 2022). Thus, he digi al ans o ma ion
has led classic banks o begin o change and become digi al banks (Ve sal e al. 2022),
ha ing been he i s o adop digi al business o mee he needs o hei cus ome s who
demanded digi al in e ac ion (Ma ince ic e al. 2022). Today, all banks ha e some o m o
digi al p oduc o ensu e in e ac i e communica ion and minimal physical con ac wi h
hei cus ome s (Ma ince ic e al. 2022), as digi al pla o ms ac as a new in e media y
be ween banks and hei cus ome s (Boo e al. 2021). This also ga e ise o he concep o
digi al banking, which s ill needs o be clea ly de ined, acco ding o Ve sal e al. (2022).
Thus, he majo end in his a ea is he in ensi ica ion o compe i ion be ween banks
and in o ma ion echnology (IT) companies, wi h he esul ha banks will become IT com-
panies and IT companies will be e en mo e p esen in he inancial sec o h ough Fin ech
(Va doma skya e al. 2021). These de elopmen s gi e ise o a conside able challenge o
adi ional uni e sal banking, leading o he need o hem o change hei business model
(Boo e al. 2021;Va doma skya e al. 2021).
2.2. Fin ech
The hi d echnological e olu ion, including digi al echnology, big da a, and cloud
compu ing, has been de eloping apidly (Li e al. 2022). The eme gence and de elopmen
Adm. Sci. 2024,14, 99 4 o 20
o in o ma ion and inancial echnology play a signi ican ole in de eloping he banking
sec o , especially comme cial banks (Li e al. 2022;Taujanskai
˙
e and Kuizinai
˙
e 2022). A
ecen example o his impac is he eme gence o inancial echnologies called Fin ech
(Taujanskai ˙
e and Kuizinai ˙
e 2022)
, which o igina ed om he usion o inance and ech-
nology (Li e al. 2022). I s mos no able expansion only ook place a e he 2008 global
inancial c isis, which is why i is conside ed by Taujanskai
˙
e and Kuizinai
˙
e(2022) o be a
ela i ely new a ea ha is g owing and has no ye been ully explo ed.
The signi icance o Fin ech is i s la ge amoun o non- inancial da a, pa icula ly om
digi al oo p in s, which can help p o ide inancial se ices. Gi en his high olume, da a
can be analyzed using a i icial in elligence and machine lea ning, c ea ing economies
o scale using da a, which a o s echnology companies. Al hough less s udied in he
li e a u e, ecen inno a ions in communica ion a e also an ad an age and a compe i i e
ac o in inancial se ices since hey educe ba ie s o en y and weaken he adi ional
ole o banks as he i s poin o connec ion o inancial se ices (Boo e al. 2021).
Fin ech comes om he combina ion o inance and echnology and is beginning o
eme ge in he 21s cen u y (Ma ince ic e al. 2022;Ramlall 2018). Howe e , acco ding
o Schue el (2016), he e m o igina ed in he ea ly 1990s. Ini ially, i e e ed o he
backg ound echnology o inancial ins i u ions, la e becoming b oade , including inancial
imp o emen p ojec s and c yp ocu ency, and has become a global wo d.
The de ini ion o Fin ech is di e en in academic ci cles (Ramlall 2018), so he e a e
nume ous de ini ions o be ound in di e en s udies. Ma ince ic e al. (2022) conside
his as a e m o desc ibe new inancial echnologies ha aim o imp o e and au oma e
he p o ision and use o inancial se ices. Ramlall (2018) ci es he Financial S abili y
Boa d, which de ines Fin ech as inancial inno a ion d i en by he con inuous e olu ion
o echnology.
Fin ech companies ep esen a new echnological pe spec i e, which hey ha e b ough
o adi ional banking mainly h ough discoun ed inancial se ices. Fin ech s a ed wi h a
me e i ual p esence and e ol ed in o a mo e physical p esence. Howe e , wha de ines
hem is an ini ial ad an age o no-commission c edi ca ds, which a e alid in e na ionally
(e.g., Re olu ) and e y a ac i e o low-cos a ele s isi ing loca ions ou side hei home
egion, e.g., he Eu ozone.
Fin ech is based on inno a ion and echnologies ha a e cons an ly changing and
e ol ing (Taujanskai
˙
e and Kuizinai
˙
e 2022). Since hey combine echnology and inance,
Fin ech c ea es new business models, p oduc s, and inancial se ices, gi en he combina-
ion o inno a ion and ad anced digi al echnologies, and is changing he ounda ions o
he inancial sec o (Ma ince ic e al. 2022;Va doma skya e al. 2021). I does no jus use
digi al echnologies, as adi ional banks do, bu i elies en i ely on hem (Va doma skya
e al. 2021). Thus, Fin ech p oduces new inancial p oduc s and se ices based on inance
and echnology, which a e e ol ing apidly and ans o ming he ounda ions o he i-
nancial sec o . In his way, Fin ech b ings digi al p oximi y and can p o ide lexibili y,
secu i y, capabili ies, and e iciency han he p oduc s and se ices ha al eady exis in
he adi ional inancial sec o (Ma ince ic e al. 2022). In his way, i accele a es inancial
disin e media ion, which leads many cus ome s o abandon comme cial banks and u n o
Fin ech companies (Li e al. 2022).
Th ough he digi aliza ion and digi al ans o ma ion o he business model, Fin ech
o e s a ious ools and inno a ions ha c ea e added alue and gua an ee a compe i i e
ad an age (Boo e al. 2021;Ma ince ic e al. 2022). The main objec i e o hese en i ies
is o simpli y access o inancial se ices, hus making he inancial sys em mo e e icien
(Ma ince ic e al. 2022). Using echnology, hey o e inancial p oduc s ha un il ecen ly
could only be acqui ed h ough banks, such as loans, paymen se ices, and inancial
ad ice (Del Sa o e al. 2023). The e o e, hey a ec he ways ha cus ome s pay, send
money, in es , and ake ou loans (Ansha i e al. 2021).
Fin ech is a he cen e o all deba es abou he u u e o banking (Del Sa o e al. 2023).
I s e olu ion has eached he global ma ke and p edominan ly a ec s he inancial and
Adm. Sci. 2024,14, 99 5 o 20
banking sec o s, posing a conside able challenge o he su i al o adi ional banking
(Wang e al. 2021). Despi e ha ing di e en cha ac e is ics, Fin ech and banks ope a e
in he same inancial sec o , and compe i ion be ween he wo is inc easing in ad anced
economies and eme ging ma ke s (Mo o-Viscon i e al. 2020). Howe e , unlike la ge inan-
cial ins i u ions, Fin ech companies ha e a small cus ome base o di e en s akeholde s o
sa is y, hus o e ing cus ome s looking o inno a i e ways o mee hei inancial needs
con enience and lowe cos s (Nejad 2022).
Since his is a new p ac ice in he inancial sec o , i equi es new inno a i e solu ions,
business p ocesses, egula ions, and p o ec ion (Ma ince ic e al. 2022).
2.3. Use o Fin ech
Fin ech companies can o e hei cus ome s access o new, as e , and cheape inancial
se ices ia mobile inancial applica ions (Ma ince ic e al. 2022). Like many se ices
in oducing dis up i e inno a ion o an indus y, Fin ech o e s a mo e a ac i e, low-cos
se ice and solu ion o speci ic needs. As wo ld a el and ou ism become mo e global,
a desi e o no pay expensi e commissions on paymen s while no wan ing o ca y local
cu ency “cash” means ha inancial solu ions such as Re olu become e y a ac i e.
The issue is, can hese new se ices, such as Re olu , be us ed? Once he us ba ie is
o e come and does no ha e he usual egula o y p ocesses and bu dens, Fin ech can be
mo e cos -e ec i e. Low-cos solu ions a e welcomed in a socie y wi h a desi e and hi s
o a el. Addi ionally, wi h ce ain inancial zones closing and p o ec ing hemsel es
and adding commissions o comme cial ansac ions, his means ha a doo is le open o
inno a i e playe s who can ci cum en hose cos s and ba ie s. Finally, ca ying cash is
dange ous (subjec o he ), and c edi ca ds a e seen as sa e ; hey can be cancelled i los o
s olen. They also ha e o he sa e y mechanisms and ouchless op ions. The ouchless op ion
became a ac i e a e COVID-19, and in ce ain cul u es, people a e mo e conce ned o
obsessed wi h hygiene and sa e y, which is a new and g owing eali y. Thei cus ome s’
demog aphics, needs, and desi es apidly e ol e as Millennials and Gene a ion Z en e he
job ma ke . These gene a ions eel less connec ed o a speci ic se ice p o ide . They a e
con inced hey do no need a adi ional inancial ins i u ion o mee hei inancial needs
(PWC 2020, as ci ed in Nejad 2022). This change is pa ly due o hei memo ies o he 2008
inancial c isis, wi h hei us in inancial ins i u ions ha ing been nega i ely a ec ed by
hei pa en s’ nega i e expe iences, so hey do no wan o go h ough he same di icul ies.
They a e, he e o e, looking o al e na i es ha o e be e use expe iences and alue
(Nejad 2022).
Abu Daqa e al. (2020) also in es iga ed Millennials’ and Gene a ion Z’s pe cep ions
o Fin ech se ices, hei in en ion o use hem, and hei inancial beha io , concluding ha
hey ha e con idence in hese se ices and conside us , eliabili y, and ease o use o be
he main ac o s o using a inancial se ice. In u n, Jünge and Mie zne (2020) concluded
ha adop ing new echnologies depends on anspa ency, us in inno a ion, and he le el
o inancial educa ion and expe ise. Zhou and Madhikeni (2013) iden i ied ac o s such as
us and cus ome sa is ac ion o he con inued use o hese se ices. Fe nandes (2019)
s a es ha consume s decide o open an accoun wi h Fin ech because o he lowe cos s,
con enience, and ease o opening he accoun .
Cus ome s, especially younge ones, a e looking o easy and as inancial se ices ha
a e always accessible in any loca ion (Vuˇcini´c 2020). Thus, Fin ech’s lexibili y, con enience,
and low cos appeal o younge gene a ions (Nejad 2022). These gene a ions ha e a g ea e
adop ion, accep ance, and use o his ype o new echnology, a e mo e inclined o accep
and use he no el y han he olde popula ion, and a e also mo e inclined o do business
h ough inancial applica ions han adi ional banks (Ma ince ic e al. 2022). Thus, we
can say ha young people a e mainly esponsible o he ans o ma ion o digi al inancial
echnology and he pa adigm shi in he mindse o banking consume s (Cahe e 2020;
Dua e 2019).
Adm. Sci. 2024,14, 99 6 o 20
Howe e , s udies show ha cus ome s a e unwilling o change banks (Jones and Ozcan
2021) and a e mo e willing o do so when hey eel amilia wi h he sys em, he usabili y is
iendly, and he sys em wo ks au onomously and is cons an ly upda ed (Cahe e 2020).
By expanding he ange o inancial p oduc s p o ided and simpli ying hei a ailabil-
i y, hese se ices a e also accessible o esiden s o small owns, illages, u al se lemen s,
and people wi h disabili ies (Va doma skya e al. 2021).
Today, academics, esea che s, policymake s, and o he s conside inancial li e acy o
be essen ial o acqui ing inancial se ices (Hasan e al. 2023). These au ho s conduc ed a
s udy in which hey concluded ha knowledge o inancial se ices is a ac o ha impac s
access o inancial echnology se ices. Thus, inancial knowledge is one o he mos
ele an ac o s in p omo ing access o Fin ech. They also ound a signi ican and mode a e
ela ionship be ween inancial li e acy and inancial inclusion, pa icula ly inancial li e acy,
as i a ec s poo u al consume s, p o ing ha inancial li e acy signi ican ly impac s he
acquisi ion o inancial echnology. In addi ion, indi iduals wi h highe educa ion p e e o
use inancial echnology se ices (Hasan e al. 2023).
Simila ly, knowledge abou acqui ing Fin ech se ices impac s access o hem. Since
u al consume s a e only amilia wi h a small numbe o Fin ech se ices, hey a e lim-
i ed o only hose speci ic se ices. Thus, p ope inancial educa ion would enable u al
consume s o ob ain inancial echnology se ices (Hasan e al. 2023).
Based on he li e a u e abo e, he ollowing hypo hesis was de eloped:
Hypo hesis 1. Knowledge o Fin ech signi ican ly a ec s he in en ion o change banks, wi h
pa icipan s who know abou Fin ech being expec ed o ha e a g ea e in en ion o change banks
han pa icipan s who do no know abou Fin ech.
2.4. Secu i y
New inancial echnologies, mainly digi al banking se ices, ha e e olu ionized he
inancial sec o and p o ide cus ome s wi h con enien and accessible banking se ices,
oppo uni ies, and pleasu es. Howe e , he inc eased use o hese se ices and Fin ech also
b ings new isks, conce ns, and challenges ega ding consume p o ec ion and secu i y
(G ˛asio kiewicz e al. 2020;Gopal e al. 2023). These include cybe c ime, da a p o ec ion and
p i acy, and inancial inclusion (G ˛asio kiewicz e al. 2020). Since Fin ech has no changed
he unc ion and essence o a inancial in e media y, i con inues o ha e adi ional inancial
isks despi e making hem mo e hidden. I also includes mo al and echnical isks ela ing
o in e ne so wa e and ha dwa e (Li e al. 2022). Compe en au ho i ies know ha en e ing
Fin ech in o he p o ision o se ices en ails isks, aising conce ns ega ding consume
p o ec ion (Eicheng een 2023).
In gene al, he en y o Fin ech in o he inancial sec o has led o g ea e a en ion
being paid o he secu i y o he banking sec o and, consequen ly, o a mo e obus
egula o y amewo k o ensu e he secu i y o inancial sys ems. Collabo a ion be ween
hese companies and egula o s is essen ial o ensu e ha echnological ad ances a e used
o imp o e inancial secu i y a he han deg ade i . Thus, he main objec i e o esea ch
in o Fin ech and banking sec o secu i y is o imp o e he eliabili y and secu i y o inancial
se ices and o p o ec inancial ansac ions and cus ome s’ pe sonal in o ma ion, he eby
ein o cing he o e all s eng h o he inancial sec o (Gopal e al. 2023). Howe e , his
ques ion o secu i y is a legal issue, and he legisla ion o each s a e de e mines he ules
(Pe áˇcek 2021). In he iew o Heseko a Bojmi o a (2022), in addi ion o each s a e’s
egula ions, he e should be a ho izon al compa ison o hei egula ions in he de ini ion
o a ansna ional app oach o he egula ion o Fin ech.
The e a e se e al secu i y isks and challenges associa ed wi h digi al banking and
Fin ech. Some o he main ones o conside a e cybe secu i y, sys emic isk, iden i y he ,
inside h ea s, conduc isks, and hi d-pa y isks (Gopal e al. 2023).
Based on he li e a u e men ioned abo e, he ollowing hypo hesis was o mula ed:
Adm. Sci. 2024,14, 99 7 o 20
Hypo hesis 2. The pe cei ed secu i y o Fin ech has a signi ican e ec on he in en ion o change
banks, wi h pa icipan s who pe cei e Fin ech as secu e being expec ed o ha e a g ea e in en ion o
change banks han pa icipan s who do no pe cei e Fin ech as secu e.
2.5. COVID-19
The global co ona i us pandemic in 2020 has shaken he wo ld in a way ha has been
unp eceden ed in he ecen pas . In jus a ew mon hs, i has a ec ed he en i e wo ld,
signi ican ly al e ing he mode n wo ld and leading o eno mous loss o li e, majo changes
in li es yle, and de as a ing consequences o he global economy. The es ic ion on he
mo emen o people and he di icul ies in he mo emen o goods and capi al a ec ed
many companies and indi iduals, leading hem o ace a ious challenges ha a e s ill
p esen oday. The unc ioning o economic ope a o s was also signi ican ly impai ed,
leading o an inc ease in majo business isks (Fab is 2022).
These e en s impac ed he digi aliza ion o he banking sys em, so he pandemic was
an accele a o o his p ocess, especially in coun ies wi h lowe a es in he p e-pandemic
pe iod (Ve sal e al. 2022). Banks we e slow o adap o digi al inno a ion and would
ha e con inued o do so. Howe e , COVID-19 changed e e y hing and accele a ed he
applica ion o inno a i e echnologies in he banking sec o . Howe e , digi al banks ha e
bene i ed mo e om digi aliza ion du ing he pandemic and ha e been mo e sough a e by
households and indi iduals compa ed o adi ional banks (Ve sal e al. 2022). In addi ion,
du ing he pandemic, many bank b anches we e closed, o cing cus ome s o eso o
emo e means o mee hei inancial needs, so mos u u e consume s may ne e en e a
bank b anch, handling all hei needs wi h inno a i e inancial solu ions (Nejad 2022).
2.6. Regula ion and Supe ision
Financial ma ke s a e highly egula ed, and au ho i ies a e awa e ha he en y o Fin-
ech in o se ice p o ision aises conce ns abou ma ke in eg i y and inancial s abili y and
exposes he need o egula e he implemen a ion o hese companies, suppo ing inno a ion
(Vuˇcini´c 2020;Ma ince ic e al. 2022;Eicheng een 2023). Al hough ecognizing he need
o egula ion is a i s s ep owa ds de eloping a esponse, i is no enough (Eicheng een
2023). Mo eo e , his in e es o egula o s, indus y pa icipan s, and consume s in he
inancial echnologies sec o only eme ged a e 2014 (Galazo a and Magomae a 2019).
The p essu e o egula e Fin ech has inc eased as mo e and mo e isks ha e eme ged.
Fi s ly, many o he new inancial ac i i ies did no i well wi h exis ing egula ions, i.e.,
hey we e un egula ed, which ga e ise o a egula o y acuum and, consequen ly, massi e
aud and o he illegal ac i i ies. Secondly, many consume s needed o p epa e o assess
he isk o eme ging new p oduc s, which also acili a ed audulen ac i i y. Thi dly,
signi ican ech lending became in e wined wi h he banking sys em, so egula o s ea ed
ha banks would be a isk i he isk con ol o Fin ech lending we e no as obus as
p omised. Fou hly, he ee low o da a has jeopa dized ci izens’ p i acy, leading o
cybe secu i y isks (Cho zempa and Huang 2022).
Fin ech has ans o med he banking sec o , and egula o s ha e had o adap o
he new isks and challenges (Gopal e al. 2023). To mee hese challenges, egula o s
mus s i e o acqui e he echnological expe ise needed o exe cise adequa e supe ision
(Eicheng een 2023). New egula ions and guidelines ha e been in oduced in a ious a eas,
including da a p o ec ion, cybe secu i y, cus ome iden i ica ion, and aud p e en ion,
o ensu e he secu i y o inancial sys ems and he p o ec ion o cus ome s’ in e es s. In
addi ion, egula o s ha e inc eased supe ision and moni o ing o he banking sec o ,
ensu ing ha ins i u ions comply wi h egula ions, and hey ha e wo ked closely wi h
Fin ech companies o p omo e inno a ion, always ensu ing he p o ec ion o cus ome s
and inancial sys ems. In his way, he egula o y amewo k o he secu i y o he banking
sec o has signi ican ly e ol ed since he eme gence o Fin ech (Gopal e al. 2023).
Adm. Sci. 2024,14, 99 8 o 20
The agencies egula ing comme cial banks should be he same ha egula e digi al
banks, as hey ha e essen ial expe ise, and hese banks a e close subs i u es, which is
ele an o assessing compe i ion and ma ke in eg i y (Eicheng een 2023).
Coun ies ha e di e en app oaches o egula ing Fin ech, as he ac o s in luencing i s
de elopmen can be coun y speci ic (Taujanskai
˙
e and Kuizinai
˙
e 2022;Eicheng een 2023).
In he case o he Eu opean Union, Ringe and Ruo (2020) conside ha he egula o y
amewo k is o li le help, gi en i s slow e olu ion and adap a ion. The egula ions we e
d a ed be o e he eme gence o Fin ech, so he egula o y p oblems in mind we e di e en .
Thus, he ules a e bo h o e -inclusi e and unde -inclusi e since many o he ca ego ies
used a e di icul o adap o Fin ech ac i i ies. In addi ion, membe s a es apply he
ules in di e en ways, which esul s in di e en ules depending on he coun y, c ea ing
unce ain y o he ma ke and egula o s (Ringe and Ruo 2020).
The e o e, i is impo an o egula o s o coope a e in e na ionally o p ese e inan-
cial s abili y in his new wo ld o echnological and inancial inno a ions (Vuˇcini´c 2020).
As inno a ion in ensi ies, i becomes essen ial ha supe ision and egula ion a e o high
quali y and ha egula o s can guide he social deba e on he ade-o be ween inno a ion
and s abili y, a oiding p essu es o unlocked inno a ion as memo ies o pas inancial
c ises a e o go en. The e is also a isk ha policymake s will be le behind, p o ec ing
ou da ed business models, no ha ing a s uc u ed app oach o new en an s, and no being
p epa ed o deal wi h new echnologies (Boo e al. 2021).
Based on he li e a u e abo e, he ollowing hypo heses we e o mula ed:
Hypo hesis 3. The pe cep ion o supe ision in Po ugal di e s signi ican ly be ween adi ional
banks and Fin ech and is expec ed o be highe in adi ional banks han in Fin ech.
Hypo hesis 4. The pe cep ion o egula ion in Po ugal di e s signi ican ly be ween adi ional
banks and Fin ech, wi h egula ion expec ed o be s onge in adi ional banks han in Fin ech.
3. Me hods
3.1. Da a Collec ion P ocedu e
The me hodology ollowed is quan i a i e since he echnique used o da a collec ion
was a ques ionnai e (Saunde s e al. 2019). This was ca ied ou on he Fo ms UA pla o m.
The ques ionnai e ini ially consis ed o a sho in oduc ion o he opic, ollowed by
a desc ip ion o he pu pose o he ques ionnai e and i s es ima ed du a ion. A call o
pa icipa ion was also made, gua an eeing he anonymi y o he esponses and compliance
wi h he Gene al Da a P o ec ion Regula ion (GDPR), wi h he pa icipan s ha ing o
con i m ha hey had ead and ag eed wi h he in o ma ion p o ided o pa icipa e in he
su ey. The da a we e collec ed be ween Ap il and Sep embe 2023.
3.2. Pa icipan s
This s udy’s sample consis ed o 174 pa icipan s, 78.2% o whom we e emale and
21.8% male (Table 1). Rega ding age, 38.5% o he pa icipan s we e aged be ween 18 and
30, 17.2% we e be ween 31 and 40, 25.9% we e be ween 41 and 50, and he emaining 18.4%
we e aged 51 o o e (Table 1). Rega ding hei educa ional quali ica ions, 21.3% had a
12 h-g ade educa ion o less, 39.7% had a bachelo ’s deg ee, and 39.1% had a mas e ’s
deg ee o highe (Table 1). As o whe e hey li ed, 17.8% li ed in a illage, 12.1% in a
own, and he as majo i y li ed in a ci y (70.1%) (Table 1). Rega ding wo king o ha ing
wo ked in he banking sec o , only 8% o he pa icipan s esponded posi i ely (Table 1).
When asked whe he hey physically go o he bank, 61.5% answe ed yes, going o he
bank o “ask o in o ma ion”, “deposi s”, “wi hd aw money”, and “open an accoun ”,
ollowed by “c edi s” and “in es men s” and “buy checks and “insu ance”. As o he
numbe o imes hey wen o he bank in pe son, mos said hey only wen once a yea o
e e y six mon hs.
Adm. Sci. 2024,14, 99 15 o 20
Table 11. Wilcoxon es esul s (H3).
Zp
Rank Means
T adi ional Bank Fin ech
7.47 *** <0.001 0.33 1.71 1.29
No e. *** p< 0.001.
The esul s show ha he e we e s a is ically signi ican di e ences in he pe cep ion o
egula ion in Po ugal be ween adi ional and Fin ech banks (Z = 8.85; p< 0.001;
= 0.46
).
The pe cep ion o egula ion in adi ional banks was signi ican ly s onge han in Fin ech
(Table 12). The esul s suppo Hypo hesis 4.
Table 12. Wilcoxon es esul s (H4).
Zp
Rank Means
T adi ional Bank Fin ech
8.85 *** <0.001 0.46 1.74 1.26
No e. *** p< 0.001.
5. Discussion
The main aim o his s udy was o unde s and people’s pe cep ions o Fin ech, hei
le el o knowledge, and he impac o i s eme gence on adi ional banking.
S a ing wi h he desc ip i e analysis o he a iables unde s udy, i was possible o
see ha only 32.8% o he esponden s said hey had good knowledge o Fin ech. As p e i-
ously men ioned in he li e a u e, he e was a mode a ely signi ican ela ionship be ween
inancial li e acy and inancial inclusion, which signi ican ly impac s he acquisi ion o
inancial echnology (Hasan e al. 2023). On he o he hand, acco ding o Sa abando e al.
(2023), he e is s ill a long way o go in his ega d, wi h Po ugal being iden i ied as one
o he poo es coun ies in Eu ope in e ms o inancial knowledge. In Janua y 2022, he
newspape Público (2022) epo ed ha he la es da a om he Eu opean Cen al Bank
o 2020 places Po ugal a he bo om o he inancial li e acy anking o he 19 coun ies
in he Eu ozone. Fu he mo e, he s udy by Sa abando e al. (2023), in which he sample
was uni e si y s uden s, e ealed ha se e al basic concep s we e unknown o many. Fo
example, wo- hi ds did no know wha Eu ibo was, a simila pe cen age did no know
wha he sp ead was, and a hi d did no know wha in la ion was. E e yone in e e yday
li e widely uses hese concep s, bu hei meaning is s ill unknown o many since inancial
li e acy in Po ugal is no as good as i should be. Fo hese easons, i was expec ed ha a
la ge pe cen age o he sample would no know abou Fin ech.
When i came o he easons o being a Fin ech cus ome , he e was a g ea deal o
ag eemen ega ding he lowe cos s and he ac ha hey p o ide g ea e con enience
and ease o use. This aligns wi h he li e a u e, which men ions lexibili y, con enience, low
cos (Nejad 2022), and as e and cheape se ices (Ma ince ic e al. 2022). In addi ion, i is
in line wi h he s udy by Fe nandes (2019), whe e he sample was mas e ’s s uden s, and
he wo mos -chosen easons we e lowe cos s and con enience.
As o why hey we e no cus ome s o Fin ech, mos o he pa icipan s ag eed ha
i was due o a need o mo e awa eness o i s exis ence and a p e e ence o ace- o- ace
and pe sonalized se ice. Since knowledge abou acqui ing Fin ech se ices signi ican ly
impac s access o hem (Hasan e al. 2023), lack o knowledge aligns wi h he li e a u e.
I is he mos appa en eason, since cus ome s can only use some hing hey know abou .
The eason o p e e ing ace- o- ace and pe sonalized se ice is in line wi h he esul s o
Fe nandes (2019). Since Fin ech companies do no ha e ace- o- ace se ices, he p e e ence
o ace- o- ace and pe sonalized se ice is an obs acle ha is e y di icul o change due
o he na u e o hese companies.
Adm. Sci. 2024,14, 99 16 o 20
Rega ding eeling mo e likely o use a Fin ech a e he COVID-19 pandemic, mos o
he pa icipan s said hey disag eed o s ongly disag eed wi h his s a emen , wi h only
20% o he esponden s ag eeing (o s ongly ag eeing). In he li e a u e, Ve sal e al. (2022)
s a ed ha digi al banks we e mo e sough a e by amilies and indi iduals du ing he
pandemic han adi ional banks. Howe e , in his case, he esponden s had no been
signi ican ly impac ed by he pandemic ega ding using a Fin ech.
Tu ning o he es s o independence, he esul s indica ed ha knowledge o Fin ech
is no independen o he pa icipan s’ gende , wi h he male pa icipan s ha ing g ea e
knowledge o Fin ech han he emale pa icipan s. T ipa hi and Rajee (2023) conduc ed
a s udy using da a om 109 coun ies looking a inancial inclusion (a p ocess o se e al
s ages, namely ha ing a bank accoun , egula use, ease o making paymen s, and acces-
sibili y o inancial se ices). In his s udy, he au ho s concluded ha Po ugal’s digi al
inancial inclusion among women needs o be mo e sa is ac o y and ha he e is s ill a
long way o go o imp o e he each o digi al inancial se ices. These esul s may explain
why knowledge o Fin ech is highe among men. On he o he hand, Chen e al. (2023)
conduc ed o iginal su eys om 28 coun ies and concluded ha he e is a gende gap in
using Fin ech se ices, wi h men using hem mo e. Howe e , his conclusion is con a y o
he esul s ob ained in his s udy.
Conce ning knowledge o Fin ech, i was ound ha he pa icipan s belonging o
he “18 o 30 yea s” and “51 yea s and o e ” age g oups we e he ones wi h he g ea es
knowledge o Fin ech and he ones who mos o en claimed o be cus ome s o a Fin ech.
These esul s a e pa ly in line wi h he li e a u e. I s a es ha young people a e la gely
esponsible o he ans o ma ion o digi al inancial echnology and he pa adigm shi
in he mindse o banking consume s (Cahe e 2020;Dua e 2019) and ha he younge
gene a ions ha e a g ea e accep ance and use o hese new echnologies and a e mo e
inclined o use hem han he olde popula ion (Ma ince ic e al. 2022). Howe e , his
s udy concluded ha he olde popula ion, in his case, ep esen ed by he age g oup “51
yea s and o e ”, keeps pace wi h he younge age g oup “18 o 30 yea s” in bo h knowledge
and use o Fin ech.
Rega ding he s udy o he hypo heses o mula ed, i was possible o con i m Hy-
po hesis 1, ega ding knowledge o Fin ech ha ing a signi ican e ec on he in en ion o
change banks. As p e iously men ioned in he li e a u e by Hasan e al. (2023), inancial
li e acy is essen ial o acqui ing inancial se ices, and knowledge o inancial se ices
impac s access o inancial echnology se ices. Thus, inancial knowledge is one o he
mos ele an ac o s o p omo ing access o Fin ech.
Hypo hesis 2, conce ning he pe cei ed secu i y o Fin ech companies ha ing a signi i-
can e ec on he in en ion o change banks, was also con i med. Acco ding o he li e a u e,
cus ome s do no ha e much desi e o change banks (Jones and Ozcan 2021) and would
be mo e willing o do so when hey eel amilia wi h he sys em, he usabili y is iendly,
and he sys em wo ks au onomously and is cons an ly upda ed (Cahe e 2020). Al hough
pe cei ed secu i y is no one o he ac o s named by he au ho s, i is unde s andable ha
his ac o is ele an o he pa icipan s and ha a g ea e pe cep ion o secu i y leads o a
g ea e in en ion o change banks.
Hypo heses 3 and 4, which e e o Po ugal’s pe cep ion o supe ision and egula ion
di e ing signi ican ly be ween adi ional banks and Fin ech, we e also con i med. Indeed,
inancial ma ke s a e highly egula ed, and he en y o Fin ech companies has aised
conce ns and exposed he need o egula e hem (Vuˇcini´c 2020;Ma ince ic e al. 2022;
Eicheng een 2023). New egula ions and guidelines ha e been in oduced in a ious a eas,
and egula o s ha e inc eased supe ision and moni o ing o he banking sec o , ensu ing
ha egula ions a e complied wi h, so he egula o y amewo k o he sa e y o he
banking sec o has e ol ed signi ican ly since he eme gence o Fin ech (Gopal e al. 2023).
Howe e , he au ho s Ringe and Ruo (2020) conside ha he egula o y amewo k in
he Eu opean Union is o li le help due o i s slow e olu ion and adap a ion, so he ules
a e bo h oo much and oo li le inclusi e, as hey a e di icul o adap o Fin ech ac i i ies.
Adm. Sci. 2024,14, 99 17 o 20
The ules a e also applied in di e en ways in di e en membe s a es. Fo his eason, he
pa icipan s may ha e pe cei ed ha Po ugal’s supe ision and egula ion we e g ea e
o adi ional banking han o Fin ech.
Financial educa ion is compulso y by law, p o ided o in Dec ee-Law 139/2012, July
5. A documen has been d awn up o his pu pose, he Co e Compe encies o Financial
Educa ion, co e ing p e-school educa ion, p ima y and seconda y educa ion, and adul
educa ion and aining (Dias e al. 2013;Dec e o-Lei n.º 139/2012, de 5 de julho 2012).
Howe e , despi e his obliga ion, in a leas wo o he h ee cycles o educa ion, se e al
schools in he coun y chose no o p o ide his aining o hei s uden s, e en hough
many eache s ein o ce his need (Ande sson e al. 2024).
Howe e , conside ing ha he Co e Compe encies documen da es o 2013 and he
na u e o Fin ech, i is unde s andable ha i does no e e ence hem. The e o e, gi en ha
10 yea s ha e passed since he documen was d awn up, i is sugges ed ha i be upda ed,
conside ing Fin ech and o he inno a ions ha ha e eme ged in he inancial ma ke o e
he las ew yea s, since we belie e ha he s a e ep esen s a eliable sou ce o in o ma ion
o educa ing on his subjec as well. Fin ech companies can also con ibu e o g ea e
inancial li e acy h ough in o ma i e ma ke ing campaigns, encou aging consume s o
seek in o ma ion abou his inno a ion. In his way, e en i hey do no become cus ome s
o a Fin ech, hei inancial knowledge has al eady been imp o ed.
Limi a ions and Fu u e Sugges ions
In his wo k, some limi a ions o he s udy ha e eme ged, and i should se e as a
basis o u u e, mo e in-dep h s udies. One limi a ion is he sample size, which, despi e
ha ing almos 200 pa icipan s, could ha e been mo e ex ensi e and signi ican .
In addi ion, his s udy was limi ed o Po ugal, so i migh be in e es ing o ca y
ou a s udy in di e en coun ies o compa e he esul s la e . On he o he hand, he
sample popula ion was no de ined, since he ques ionnai e was dissemina ed h ough
social ne wo ks wi hou any speci ica ion. The e o e, i could be in e es ing o s udy a
well-de ined popula ion, as has been done by o he au ho s.
Ano he sugges ion ela es o he possibili y o a mo e in-dep h s udy o o he a iables
o hose used in his s udy.
6. Conclusions and Con ibu ions
The inancial c isis expe ienced be ween 2008 and 2010 has been one o he ac o s
esponsible o inancial change and inno a ion (Fab is 2022), which has b ough new
ways o p o iding inancial se ices ha a e mo e e icien and con enien (Cahe e 2020)
and capable o c ea ing las ing economic alue o hei cus ome s (Tilman 2020). This
de elopmen has played a i al ole in banking de elopmen , especially in comme cial
banks (Li e al. 2022;Taujanskai
˙
e and Kuizinai
˙
e 2022). An example o his impac is
he eme gence o inancial echnologies called Fin ech (Taujanskai
˙
e and Kuizinai
˙
e 2022).
The e o e, his s udy aimed o unde s and people’s pe cep ion o Fin ech, hei le el o
knowledge abou i , and he impac o i s eme gence on adi ional banking.
This s udy con i med he esul s ob ained by o he au ho s. As men ioned, i was
possible o see ha knowledge o Fin ech has a signi ican e ec on he in en ion o change
banks, wi h a la ge p opo ion o he esponden s claiming hey needed be e knowledge
o hem due o Po ugal’s low inancial li e acy. I was ound ha only 32.8 pe cen
o esponden s had a good unde s anding o wha Fin echs a e. As o he easons o
becoming a Fin ech cus ome , lowe cos s and he ac ha hey p o ide g ea e con enience
and ease o use we e iden i ied, as men ioned by o he au ho s. Simila ly, he mos
iden i ied easons o no being a Fin ech cus ome we e he lack o awa eness o hei
exis ence and he p e e ence o ace- o- ace and pe sonalized se ice, which was e y
di icul o ci cum en . Howe e , in his s udy, COVID-19 did no signi ican ly impac
he pa icipan s’ willingness o use Fin ech, which di e ed om he esul s p esen ed by
o he au ho s.
Adm. Sci. 2024,14, 99 18 o 20
Taking he esul s in o accoun , i was also possible o see ha he pe cei ed secu i y
o Fin ech has a signi ican e ec on he in en ion o change banks. Thus, e en hough
hese companies in es hea ily in secu i y, consume s do no pe cei e his e o . Only
49.4 pe cen o he esponden s conside ed Fin echs o be sa e. Fo his eason, Fin echs
should con inue o in es in hei secu i y and wo k on hei image so ha consume s
can eel sa e wi h hem ( o example, h ough ma ke ing campaigns ha ein o ce his
aspec ). In addi ion, Po ugal’s pe cep ion o supe ision and egula ion di e s signi ican ly
be ween adi ional banks and Fin ech, wi h Fin ech being pe cei ed as less supe ised
and egula ed. I will be in Fin ech’s in e es o con inue wo king wi h egula o s so ha
his sec o makes p og ess in his a ea and ha consume s can ecognize g ea e equali y
be ween adi ional banks and Fin ech.
Au ho Con ibu ions: Concep ualiza ion, M.C., M.A.-Y.-O. and A.M.; me hodology, M.C. and
M.A.-Y.-O.; so wa e, A.M.; alida ion, M.C., M.A.-Y.-O. and A.M.; o mal analysis, A.M.; in es iga-
ion, M.C. and M.A.-Y.-O.; esou ces, M.C. and M.A.-Y.-O.; da a cu a ion, A.M.; w i ing—o iginal
d a p epa a ion, M.C. and M.A.-Y.-O.; w i ing— e iew and edi ing, M.C., M.A.-Y.-O. and A.M.;
isualiza ion, M.C., M.A.-Y.-O. and A.M.; supe ision, M.A.-Y.-O.; p ojec adminis a ion, M.A.-Y.-O.;
unding acquisi ion, M.A.-Y.-O. and A.M. All au ho s ha e ead and ag eed o he published e sion
o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : E hical e iew and app o al we e wai ed o his s udy since
all he pa icipan s be o e answe ing he ques ionnai e had o ead he in o med consen and ag ee o
i . This was he only way hey could answe he ques ionnai e. The pa icipan s we e in o med abou
he pu pose o he s udy, as well as ha he esul s we e con iden ial, as indi idual esul s would
ne e be known bu would only be analyzed in he se o all pa icipan s.
In o med Consen S a emen : In o med consen was ob ained om all he subjec s in ol ed in his
s udy.
Da a A ailabili y S a emen : The da a p esen ed in his s udy a e a ailable om he co esponding
au ho upon eques . The da a a e no publicly a ailable because in he in o med consen o m, he
pa icipan s we e in o med ha he da a we e con iden ial and ha indi idual esponses would
ne e be known, as da a analysis would be o all he pa icipan s combined.
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
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au ho (s) and con ibu o (s) and no o MDPI and/o he edi o (s). MDPI and/o he edi o (s) disclaim esponsibili y o any inju y o
people o p ope y esul ing om any ideas, me hods, ins uc ions o p oduc s e e ed o in he con en .
