Bridging the Digital Divide: An Empirical Study on Digital Financial Literacy and its Influence on Millennial Financial Behavior

Аннотация

This study investigates the intricate relationship between digital financial literacy (DFL) and the financial behavior of millennials. As digital platforms increasingly dominate financial transactions, understanding how DFL shapes financial decisions among this technologically adept generation is crucial. Drawing upon a comprehensive literature review, this research postulates that higher DFL levels lead to more prudent and effective financial behaviors, including budgeting, saving, investing, and debt management. Utilizing a quantitative research design, data was collected from a diverse sample of millennials through an online survey. The findings reveal a significant positive correlation between DFL and various aspects of financial behavior, underscoring the imperative for targeted educational initiatives. This paper contributes to the existing body of knowledge by specifically examining DFL in the millennial context, offering valuable insights for policymakers, financial institutions, and educators aiming to enhance financial well-being in the digital age.