The Need to Promote Digital Financial Literacy for the Digital Age

By Peter J. Morgan, Bihong Huang, and Long Q. Trinh

Abstract

Digital financial literacy (DFL) is likely to become an increasingly important aspect of education for the Digital Age. The development of the ‘gig’ economy means that individuals will become more responsible for their own financial planning, including for retirement. Consumers will need to have increasing financial sophistication to make effective use of financial technology (fintech) products and avoid fraud and costly mistakes. G20 countries need to agree on a standardized definition of digital financial literacy, design tools to assess it, and develop strategies and programs to promote digital financial education, including special programs for vulnerable groups.