Financial literacy in the digital age—A research agenda
Open accessAbstract
Digital innovations are transforming financial services and resulting changes in consumer behavior and personal money management. Diffusion of pervasive digital technologies offers individuals quick and easy access to various digital services bringing opportunities and challenges into their personal money management. The study aimed to explore how digitalization affects individuals' financial literacy and financial capability. As a result, we identified three main themes in the intersection of finance and digitalization: Fintech, Financial behavior in digital environments, and Behavioral interventions. We propose directions for measuring digital financial literacy, updates to the financial literacy curriculum, and developments of digital learning tools. Further, we highlight collaboration between the public and private sectors to create a fairer and more inclusive economic landscape. Our study contributes to existing research by proposing a framework for digital financial literacy and financial capability and a research agenda for future studies.
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- Authors
- Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T.
- Affiliations
- University of Jyväskylä (FI)
- University of Vaasa (FI)
- School for the Future of Innovation in Society Arizona State University Tempe Arizona USA
- Corresponding author
- Koskelainen, Tiina
- Venue
- Journal of Consumer Affairs
- Publisher
- Wiley
- Published
- 2023-01
- Volume
- 57
- Issue
- 1
- Pages
- 507-528
- ISSN
- 0022-0078 (ISSN-L)
- 1745-6606
- OpenAlex
- W4319789084
- Cited by
- 288
- References
- 9
- Citations by year
- 2026: 88 · 2025: 113 · 2024: 70 · 2023: 17
- FWCI
- 167.25
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Journal of Consumer Affairs (publishedVersion, cc-by)
- Jyväskylä University Digital Archive (University of Jyväskylä) (submittedVersion)
- Osuva (University of Vaasa) (submittedVersion, cc-by)
- Funders
- Academy of Finland (327241DigiConsumers & 352546DigiConsumers)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Keywords
- digital financial literacy, financial capability, digitalization of financial services, fintech, behavioral interventions, financial literacy curriculum, digital learning tools, public-private sector collaboration, financial inclusion
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