Digital Financial Literacy and Financial Well-Being

Abstract

Digital financial literacy prioritizes the knowledge and abilities required to conduct financial transactions on digital platforms. A person who possesses digital financial literacy is capable of utilizing digital devices to enhance their financial decision-making process. The ubiquitous nature of financial technology (fintech) generates opportunities for digital literacy education and training. In the digital age, digital financial literacy is likely to assume a greater significance as an educational component. Individuals assume greater accountability for their financial planning as a result of the emergence of the ‘gig' economy. The objective of this chapter is to provide guidance to educators and others regarding the manner in which fundamental understanding of digital technologies and financial literacy education can equip individuals to utilize fintech. This study focuses to investigate the relationship between digital financial literacy and the financial well-being in the contemporary digital economy.