Digital Financial Literacy and Its Impact on Financial Behaviors: A Systematic Review

Abstract

The dependence on digital financial technologies influences financial behaviors among people. This systematic review aims to identify and understand the variables interplay between digital financial literacy and financial behavior. The systematic literature review uses the PRISMA systematic review guidelines to identify and screen the literature. The results show there is a positive significant relation between digital financial literacy and financial behaviors. It was found that there are minimal studies on the variables interplaying between digital financial literacy and financial behavior. The interplaying variables identified are financial self-efficacy, financial confidence, self-control, financial autonomy, financial capability, psychological biases and digital, financial socialization, and socio-economic and demographic factors. This review develops a framework for future exploration explaining the relationship between digital financial literacy and financial behavior identifying financial wellbeing as the outcome.