Digital empowerment: unraveling the impact of digital literacy on financial mastery

Abstract

This paper provides insights on the importance of digital literacy in enhancing financial behaviors, decision making, economy and most importantly, financial inclusion. Due to the increasing focus of financial practices on digital engagements, the demand for all-around digital literacy has never been more important. Using quantitative approach, this study used an 18-item questionnaire distributed to 232 individuals through social media systems focusing on the relationship existing between digital literacy and other financial parameters. The research establishes that digital literacy enhances financial inclusion, makes it possible for people to make better financial choices and contributes to the improved economic welfare of society in general. It also demonstrates that if digital literacy is enhanced, it will contribute towards bridging the economic gap by making finances available to many people. These results call for further policy measures and educational programs designed to increase digital literacy and contribute to economic inclusion in the digital world.

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