The Need to Promote Digital Financial Literacy for the Digital Age

Inclusión, EduFin, BBVA

Abstract

Digital financial literacy (DFL) is likely to become an increasingly important aspect of education for the Digital Age.

The development of the ‘gig’ economy means that individuals will become more responsible for their own financial planning, including for retirement. Consumers will need to have increasing financial sophistication to make effective use of financial technology (fintech) products and avoid fraud and costly mistakes. G20 countries need to agree on a standardized definition of digital financial literacy, design tools to assess it, and develop strategies and programs to promote digital financial education, including special programs for vulnerable groups.

Full content of the publication

Tags

Digitalization Financial education

Authors

Peter J. Morgan

Bihong Huang

Long Q. Trinh

Web

T20

Additional Information

Date published

31/08/2019

Document Type

Research

Geographies

Global, Global

Target

General

Pages

9

Source

T20

Related publications

18 March 2020

Stratiges for Imparting Effective Financial Digital Literacy

Digital financial literacy is become an increasingly significant aspect of education for the Digital Age. The developmen...

25 February 2020

Strengthening financial inclusion and capacity in rural areas

This document proposes a guideline for the design of public policy strategies aimed at strengthening financial capacitie...

25 February 2020

The Effectiveness of Smart Phone Apps in Improving Financial Capability

The objective of the project was to determine whether mobile apps designed to enhance financially capable behaviours can...