Financial Literacy, Financial Education, Digitalisation, Digital Economy


Policy initiatives of the Government of India like Digital India have led to augmented integration of digitalisation in the economy. The complexity of the financial landscape has increased multiple-fold with the development of financial technology and digital financial services (DFS). In response to increased digitalisation and the emergence of Fintech, the term "Digital Financial Literacy" has gained resonance. This new emerging financial landscape, with digital financial products, services and channels, presents a unique set of characteristics, advantages, risks, and challenges. Therefore, financial consumers need the knowledge and skills to tackle these new emerging risks and concerns. Through an in-depth literature review, the key issues relating to financial literacy and the digital economy have been deliberated on in the present paper. The growing importance of financial education in the digital economy has been discussed in the background of this confluence. Further, a SWOC analysis has been carried out to bring out the strengths, weaknesses, opportunities and challenges of financial education and digitalisation.


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