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Digital Financial Literacy and Financial Well-Being

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  • Choung, Youngjoo
  • Chatterjee, Swarn
  • Pak, Tae-Young

Abstract

Digital financial literacy is an emerging concept that emphasizes necessary knowledge and skills to carry out financial transactions on digital platforms. In this study, we aim to examine the link between digital financial literacy and financial well-being among Korean adults. Using online survey data, this study shows that digital financial literacy is associated with financial well-being, and this association is largely due to financial knowledge and the ability to protect against digital fraud. Digital financial literacy carried larger marginal effects on financial well-being compared to financial knowledge, and demonstrated significant effects across sociodemographic groups. Implications for financial education were discussed.

Suggested Citation

  • Choung, Youngjoo & Chatterjee, Swarn & Pak, Tae-Young, 2023. "Digital Financial Literacy and Financial Well-Being," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Journal P, pages 1-1.
    • Handle: RePEc:zbw:espost:276210
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    Cited by:

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    2. Lilis Ardini & Mochammad Fahlevi & Mochamad Dandi & Olivia Putri Dahlan & Sahara Putri Dahlan, 2024. "Digital Financial Literacy and Its Impact on Financial Skills and Financial Goals in Indonesia’s Digital Payment Ecosystem," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 181-199.
    3. Liu, Taixing & Fan, Miaomiao & Li, Youwei & Yue, Pengpeng, 2024. "Financial literacy and household financial resilience," Finance Research Letters, Elsevier, vol. 63(C).

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    More about this item

    Keywords

    digital finance; financial literacy; digital literacy; financial inclusion; financial well-being; South Korea;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G50 - Financial Economics - - Household Finance - - - General
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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