Digital Financial Literacy: A Systematic Review
Keywords:
Financial literacy, digital financial skills, financial wellbeing, digital financial behaviour, digital financial knowledgeAbstract
Objectives: This study aims to conceptualise and operationalise the concept of digital financial literacy for effective incorporation as a component of financial literacy. Prior Work: As the financial landscape continues to evolve, the financial capabilities required to navigate it have also evolved to require digital financial skills. Digital financial skills have become a necessary skill for individuals to navigate online retail platforms, understand online information to make informed financial decisions, and make purchases and payments online without losing money or exposing confidential information. There is still a lack of literature on how digital financial literacy should be measured. Approach: A systematic literature review was conducted on 83 articles retrieved from the Scopus, Web of Science, and OECD databases using a PRISMA Protocol. Results: The study established digital financial knowledge, digital financial behaviour, digital financial attitude, digital risk management, access, and utilisation of digital financial services as major dimensions for measuring digital financial literacy. Implications: Effective definition and measurement of digital financial literacy. Value: The study recommends the incorporation of digital financial literacy as a component of financial literacy. Continuous and updated research on financial literacy and digital financial literacy is essential as the financial landscape continues to change.
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