This refers to the ability of individuals to understand and use digital technologies to manage their financial affairs, such as online banking, mobile payments, and digital wallets.
Published in Chapter:
The Role of Social Media in Empowering Digital Financial Literacy
S. Baranidharan (CHRIST University (Deemed), India), Amirdha Vasani Sankarkumar (SRM Institute of Science and Technology, India), G. Chandrakala (Dayananda Sagar University, India),
Raja Narayanan (Dayananda Sagar University, India), and K. Sathyanarayana (Presidency University, India)
Copyright: © 2023
|Pages: 17
DOI: 10.4018/978-1-6684-7450-1.ch006
Abstract
This systematic review examined the role of social media in enhancing financial literacy among individuals by collecting and reviewing 60 articles published from 2021 to 2023. The findings revealed that social media has a positive impact on financial literacy through the dissemination of financial education, promotion of financial awareness, and sharing of financial experiences. The review also identified digital financial literacy, entrepreneurial learning, and financial knowledge as significant determinants of financial literacy, while demographic characteristics, social media usage behavior, risk attitude, and overconfidence played a role in determining financial literacy. The study recommends that financial institutions, policymakers, and educators leverage social media for promoting financial literacy, and social media usage skills to improve financial literacy among individuals. Overall, the study suggests that the use of social media can democratize financial literacy and enable individuals from diverse backgrounds to access financial education and information.