Enhancing the Measurement of Financial Literacy: Integrating Digital Dimensions for Inclusive Financial Well-Being
Isi Artikel Utama
Abstrak
Despite global initiatives to strengthen financial capability, existing measurement frameworks often fall short in capturing the behavioural and digital dimensions essential for promoting inclusive financial well-being in a rapidly digitising economy. This study aims to enhance the conceptual and general literature of financial literacy measurement by systematically reviewing recent scholarly. A qualitative content and thematic analysis was conducted on 35 Scopus-indexed articles published between 2024 and 2025, focusing on the integration of behavioural finance theories and digital inclusion practices. The findings reveal critical intersections among financial literacy, behavioural intentions, and digital competencies, supported by frameworks such as the Theory of Planned Behaviour and Theory of Reasoned Action. Emerging trends highlight the transformative potential of AI-driven tools, workshops, gamified learning, and mobile financial services in reshaping financial education and behaviour. The study also underscores the role of digital empowerment in mitigating financial exclusion and recommends the adoption of culturally sensitive, multi-dimensional measurement instruments. This review advances a more inclusive and responsive agenda for financial well-being in diverse socio-economic contexts by reframing financial literacy as a dynamic behavioural construct moderated by digital access and psychological factors.
##plugins.themes.bootstrap3.displayStats.downloads##
Rincian Artikel
Artikel ini berlisensiCreative Commons Attribution-ShareAlike 4.0 International License.
https://creativecommons.org/licenses/by-sa/4.0/
Referensi
Abdulkareem, H. K. K., Jimoh, S. O., Nofiu, T. T., & Akande, R. S. (2025). Leaving No One Behind: Examining the effect of financial, gender, and digital inclusion on sustainable development. Sustainable Development, 33(2), 2519–2534. https://doi.org/10.1002/sd.3245
Al-Afeef, M. A., & Alsmadi, A. A. (2025). Digital empowerment: unraveling the impact of digital literacy on financial mastery. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-01137-5
Almansour, B. Y., Almansour, A. Y., Elkrghli, S., & Shojaei, S. A. (2025). The Investment Puzzle: Unveiling Behavioral Finance, Risk Perception, And Financial Literacy. Economics - Innovative and Economics Research Journal, 13(1), 131–151. https://doi.org/10.2478/eoik-2025-0003
Basha, S. A., Bennasr, H., & Goaied, M. (2025). Culture, financial literacy, and leverage of small firms. Research in International Business and Finance, 75. https://doi.org/10.1016/j.ribaf.2025.102759
Bertola, G., & Lo Prete, A. (2025). Who prefers guessing to admitting They Don't Know? Measurement error in financial literacy surveys. Journal of Economic Behavior and Organization, 233. https://doi.org/10.1016/j.jebo.2025.107003
Bhattacharya, R., Lobo, R., Barrows, J., Hayakawa, J., & Lubahn, M. (2025). Financial education intervention to promote financial well-being in low income mothers. Discover Education, 4(1). https://doi.org/10.1007/s44217-025-00473-y
Blue, L., Brimble, M., Bodle, K., Frazer, L., Weaven, S., & Hunt, D. (2025). Navigating Unreasonable, Unsustainable and Unjust Financial Practices: Experiences of Indigenous Small Business Owners. Sustainability (Switzerland), 17(5). https://doi.org/10.3390/su17052103
Clark, R. L., Lin, C., Lusardi, A., Mitchell, O. S., & Sticha, A. (2025). Evaluating the effects of a low-cost, online financial education program. Journal of Economic Behavior and Organization, 232. https://doi.org/10.1016/j.jebo.2025.106952
García-Santillán, A., Zamora-Lobato, M. T., Tejada-Peña, E., & Valencia-Márquez, L. (2025). Exploring the Relationship Between Financial Education, Financial Attitude, Financial Advice, and Financial Knowledge: Insights Through Financial Capabilities and Financial Well-Being. Journal of Risk and Financial Management, 18(3). https://doi.org/10.3390/jrfm18030151
Gerrans, P., Hoffmann, A. O. I., McNair, S. J., & Pallant, J. I. (2025). More than objective knowledge: Exploring heterogeneity in individuals' response to a financial education initiative across multiple financial literacy domains. Pacific Basin Finance Journal, 90. https://doi.org/10.1016/j.pacfin.2025.102669
Guan, F. (2025). The impact of financial literacy on household property income: An empirical analysis based on CHFS data. Finance Research Letters, 81. https://doi.org/10.1016/j.frl.2025.107558
Hu, S., & Liu, D. (2025). Digital economy, financial literacy, and financial risk-taking in rural households. International Review of Economics and Finance, 98. https://doi.org/10.1016/j.iref.2025.103922
Kim, O. V. T., Thuy, T. T. N., Khanh, L. D., Thanh, M. P. T., Thi, Q. N., & Minh, T. N. T. (2025). The impact of financial literacy on saving behavior of the elderly people: The mediating role of digital financial literacy. Humanities and Social Sciences Letters, 13(1), 45–55. https://doi.org/10.18488/73.v13i1.3974
Lajfari, K., & Soumbara, S. (2025). Exploring the Dynamics of Mobile Money in Africa: Causal Links and Financial Inclusion Outcome. Journal of Telecommunications and the Digital Economy, 13(1), 81–97. https://doi.org/10.18080/jtde.v13n1.1062
Li, B., & Zhang, S. (2025). The effect of financial literacy on agricultural entrepreneurship. Finance Research Letters, 74. https://doi.org/10.1016/j.frl.2024.106704
Liu, Y., & Fang, Q. (2025). Can financial literacy enhance household financial risk asset allocation? Based financial planning and the mediating role of Taoist culture. Review of Behavioral Finance, 17(2), 298–316. https://doi.org/10.1108/RBF-12-2023-0336
Lulaj, E., & Mekaniwati, A. (2025). Financial Literacy Metrics for Financial Wellbeing in a Socioeconomic Environment: the FWI Model in a Circular Economy and Climate Finance. Engineering Economics, 36(1), 21–39. https://doi.org/10.5755/j01.ee.36.1.35058
Luo, J., & Zhu, J. (2025). Credit card usage and its effects on financial literacy as a channel for entrepreneurship. Finance Research Letters, 73. https://doi.org/10.1016/j.frl.2024.106672
Mustafa, W. M. W., Islam, M. A., Hassan, M. S., & Kassim, M. A. M. (2025). The dynamics of financial retirement planning: financial attitude, health literacy, and the role of financial advisors with financial literacy as a moderator. Journal of Financial Services Marketing, 30(1). https://doi.org/10.1057/s41264-024-00296-2
Nogueira, M. C., Almeida, L., & Tavares, F. O. (2025). Financial literacy, financial knowledge, and financial behaviors in OECD countries. Journal of Risk and Financial Management, 18(3). https://doi.org/10.3390/jrfm18030167
Pandey, A., Kiran, R., & Sharma, R. K. (2025). Examining financial inclusion success in north India via financial inclusion drivers, financial literacy and financial initiatives: A variance based-SEM approach. Journal of Open Innovation: Technology, Market, and Complexity, 11(2). https://doi.org/10.1016/j.joitmc.2025.100542
Phung, T. M. T. (2025). Financial literacy and risk-taking behavior: a study of graduates and undergraduates. Journal of Applied Research in Higher Education, 17(3), 853–867. https://doi.org/10.1108/JARHE-07-2023-0273
Pitthan, F., & De Witte, K. (2025). How learning about behavioural biases can improve financial literacy?. International Review of Economics and Finance, 99. https://doi.org/10.1016/j.iref.2025.103989
Platz, L., & Zauner, M. (2025). Financial Literacy Games—Increasing Utility Value by Instructional Design in Upper Secondary Education. Education Sciences, 15(2). https://doi.org/10.3390/educsci15020227
Potrich, A. C., Vieira, K. M., & Paraboni, A. L. (2025). Youth Financial Literacy Short Scale: Proposition and validation of a measure. Social Sciences and Humanities Open, 11. https://doi.org/10.1016/j.ssaho.2024.101214
Rahman, M. M., & Sadik, N. (2025). Nexus of digital financial service adoption, decent work and environmental sustainability: results from SEM-NCA approaches. Discover Sustainability, 6(1). https://doi.org/10.1007/s43621-025-00972-w
Sargent, C. S., Balasubramnian, B., Bowler, B. D., & Lambert, C. A. (2025). Examining retirement savings building and depleting behavior. Managerial Finance, 51(6), 964–983. https://doi.org/10.1108/MF-07-2024-0481
Sharma, N., Manohar, S., Nair, A. J., & Rao, A. B. S. (2025). Market microstructure to enhance sustainable investment decision and asset growth through financial literacy. Journal of Innovation and Entrepreneurship, 14(1). https://doi.org/10.1186/s13731-025-00517-5
Singh, S., & Karamcheti, B. (2025). Robo-advisor enablers and inhibitors: A dual-factor framework and a benefit-risk model integration for understanding customer acceptance. Sustainable Futures, 9. https://doi.org/10.1016/j.sftr.2025.100570
Sunil, N., & Sathish Kumar, B. (2025). Financial Literacy and Fintech : A Double-Edged Sword for Millennial Investors’ Behavioral Biases. Indian Journal of Finance, 19(3), 44–63. https://doi.org/10.17010/ijf/2025/v19i3/174849
Tulcanaza-Prieto, A. B., Cortez-Ordoñez, A., Rivera, J., & Lee, C. W. (2025). Is Digital Literacy a Moderator Variable in the Relationship Between Financial Literacy, Financial Inclusion, and Financial Well-Being in the Ecuadorian Context?. Sustainability (Switzerland), 17(6). https://doi.org/10.3390/su17062476
Zhu, A. Y. F. (2025). Unlocking financial literacy with machine learning: A critical step to advance personal finance research and practice. Technology in Society, 81. https://doi.org/10.1016/j.techsoc.2024.102797