Financial literacy in the digital age – A research agenda

Tiina Koskelainen, Panu Kalmi, Eusebio Scornavacca & Tero Vartiainen

The Journal of Consumer Affairs, Volume 57, Issue 1, Spring 2023, Pages 507-528
First published: 29 January 2023


Digital innovations are transforming financial services and resulting changes in consumer behavior and personal money management. Diffusion of pervasive digital technologies offers individuals quick and easy access to various digital services bringing opportunities and challenges into their personal money management. The study aimed to explore how digitalization affects individuals’ financial literacy and financial capability.

As a result, we identified three main themes in the intersection of finance and digitalization: Fintech, Financial behavior in digital environments, and Behavioral interventions.

We propose directions for measuring digital financial literacy, updates to the financial literacy curriculum, and developments of digital learning tools. Further, we highlight collaboration between the public and private sectors to create a fairer and more inclusive economic landscape. Our study contributes to existing research by proposing a framework for digital financial literacy and financial capability and a research agenda for future studies.

Keywords: financial literacy, personal money management, digital financial services, financial capability, digital financial literacy

Abstract in Finnish

Talouden hallinnan tärkein taito

Panu Kalmi

Ph.D., Professor

Leader in Work Package "Game-based approaches and digital tools in financial education"

University of Vaasa, School of Accounting and Finance.

Economics, financial literacy

+358 29 449 8528

Tero Vartiainen

Ph.D., Professor

Researcher in Work Package "Game-based approaches and digital tools in financial education"

Computer science, design science, information systems

Professor of Information Systems

+358 29 449 8588