Systematic literature review on Digital Financial Literacy

The purpose of conducting a systematic literature review on Digital Financial Literacy is to present a thorough and objective examination of the available information and research in this field. This article entails an in-depth and organised search of essential academic articles, critically analysing their content, synthesising the findings, and detecting gaps or contradictions in the literature. An organised review of the literature on Digital Financial Literacy was conducted by the researchers. They used a scientific search approach to compile a sample of 100 relevant papers by searching the Web of Science database, Scopus database, Science Direct database, and Online Wiley Library. The extensive analysis encompassed a substantial period, spanning from the commencement of 2014 and continuing uninterrupted until the conclusion of 2024. The results indicate that digital finance, being an interdisciplinary field, has witnessed evolving themes over time. Furthermore, as per various studies, the global level of Digital Financial Literacy is generally low. The literature also showed that there is a need for an agreement on the definition and measurements that constitute Digital Financial Literacy, and Digital Financial Literacy may be quantified, standardised, and evaluated annually to counteract fintech development. Future studies would benefit from using meta-analysis and other techniques. The study develops a research model for policymakers to create training programmes and policies. These policies and training programmes would help the country’s economy flourish. The study will prove advantageous for future learning as it offers comprehensive insights into the present state of Digital Financial Literacy. Moreover, individuals will gain a heightened awareness of the implications of Digital Financial Literacy, empowering them to make informed decisions. The research may also provide essential information for formulating policies relating to financial literacy in the digital age.