Digital financial literacy among adults in India: measurement and validation

Title

Digital financial literacy among adults in India: measurement and validation

Creator

Ravikumar T.; Suresha B.; Prakash N.; Vazirani K.; Krishna T.A.

Description

The ongoing COVID-19 pandemic has considerably promoted the usage of Digital Financial Services (DFS) in India. Therefore, exploring the various determinants influencing the DFS users is crucial for the DFS providers to understand their customers better. This study aims to identify, measure, and validate the determinants of Digital Financial Literacy (DFL) from the Indian adults who use Digital Financial Services. A sample of 384 adult DFS users from India was surveyed using a self-administered questionnaire in 2021. A multidimensional scale was developed to measure the Digital Financial Literacy in this study. The results exhibit that Digital Knowledge, Financial Knowledge, Knowledge of DFS, Awareness of Digital Finance Risk, Digital Finance Risk Control, Knowledge of Customer Right, Product Suitability, Product Quality, Gendered Social Norm, Practical Application of Knowledge and Skill, Self-determination to use the Knowledge and Skill and Decision Making are the determinants of DFL among the adults in India. Further, the users of DFS without DFL will face numerous challenges such as inability to com-plete the transaction, financial loss and privacy breach, etc. Hence, the study concludes that DFL is prerequisite to use DFS effectively. 2022 The Author(s). This open access article is distributed under a Creative.

Source

Cogent Economics and Finance, Vol-10, No. 1

Date

2022-01-01

Publisher

Cogent OA

Subject

digitization; educational finance; financial innovation and inventions and financial technology; Financial services

Coverage

Ravikumar T., School of Business and Management, CHRIST (Deemed University), Bangalore, India; Suresha B., School of Business and Management, CHRIST (Deemed University), Bangalore, India; Prakash N., School of Business and Management, CHRIST (Deemed University), Bangalore, India; Vazirani K., School of Business and Management, CHRIST (Deemed University), Bangalore, India; Krishna T.A., School of Commerce, Finance, and Accountancy, CHRIST (Deemed to University), Bangalore, India

Rights

All Open Access; Gold Open Access

Relation

ISSN: 23322039

Format

Online

Language

English

Type

Article

Identifier

https://doi.org/10.1080/23322039.2022.2132631

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85145313594&doi=10.1080%2f23322039.2022.2132631&partnerID=40&md5=0e6bdf16d39ef1e13a6dbd8214d3289c