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The Role of Social Media in Empowering Digital Financial Literacy

The Role of Social Media in Empowering Digital Financial Literacy

S. Baranidharan, Amirdha Vasani Sankarkumar, G. Chandrakala, Raja Narayanan, K. Sathyanarayana
Copyright: © 2023 |Pages: 17
ISBN13: 9781668474501|ISBN10: 1668474506|ISBN13 Softcover: 9781668474549|EISBN13: 9781668474518
DOI: 10.4018/978-1-6684-7450-1.ch006
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MLA

Baranidharan, S., et al. "The Role of Social Media in Empowering Digital Financial Literacy." Global Perspectives on Social Media Usage Within Governments, edited by Chandan Chavadi and Dhanabalan Thangam, IGI Global, 2023, pp. 80-96. https://doi.org/10.4018/978-1-6684-7450-1.ch006

APA

Baranidharan, S., Sankarkumar, A. V., Chandrakala, G., Narayanan, R., & Sathyanarayana, K. (2023). The Role of Social Media in Empowering Digital Financial Literacy. In C. Chavadi & D. Thangam (Eds.), Global Perspectives on Social Media Usage Within Governments (pp. 80-96). IGI Global. https://doi.org/10.4018/978-1-6684-7450-1.ch006

Chicago

Baranidharan, S., et al. "The Role of Social Media in Empowering Digital Financial Literacy." In Global Perspectives on Social Media Usage Within Governments, edited by Chandan Chavadi and Dhanabalan Thangam, 80-96. Hershey, PA: IGI Global, 2023. https://doi.org/10.4018/978-1-6684-7450-1.ch006

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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.

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