A1 Journal article (refereed)
Financial literacy in the digital age : A research agenda (2023)
Koskelainen, T., Kalmi, P., Scornavacca, E., & Vartiainen, T. (2023). Financial literacy in the digital age : A research agenda. Journal of Consumer Affairs, 57(1), 507-528. https://doi.org/10.1111/joca.12510
JYU authors or editors
Publication details
All authors or editors: Koskelainen, Tiina; Kalmi, Panu; Scornavacca, Eusebio; Vartiainen, Tero
Journal or series: Journal of Consumer Affairs
ISSN: 0022-0078
eISSN: 1745-6606
Publication year: 2023
Publication date: 29/01/2023
Volume: 57
Issue number: 1
Pages range: 507-528
Publisher: Wiley-Blackwell
Publication country: United States
Publication language: English
DOI: https://doi.org/10.1111/joca.12510
Publication open access: Openly available
Publication channel open access: Partially open access channel
Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/85382
Abstract
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.
Keywords: economic education; economics (curriculum subjects); consumer behaviour; electronic services
Free keywords: financial literacy; personal money management; digital financial services; financial capability; digital financial literacy
Contributing organizations
Ministry reporting: Yes
Reporting Year: 2023
Preliminary JUFO rating: 1
