Thematic review of financial education and financial literacy in the digital age

Kovács, Levente and Terták, Elemér (2024) Thematic review of financial education and financial literacy in the digital age. ACTA OECONOMICA, 74 (4). pp. 483-506. ISSN 0001-6373

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Abstract

Today's world is characterised by the rapid spread of digital technology in the financial industry. Strongly connected with this development, financial products have become increasingly complex. Globalisation has increased the number of financial products offered worldwide, and almost every daily decision has a financial aspect. Thus, for the last three decades, a widening government-level agreement has emerged that individuals, particularly young people, need appropriate financial literacy to handle their finances successfully, prevent financial exclusion, and protect themselves against possible financial fraud. This deficiency is even more severe in the CEE countries, where savings, borrowing opportunities, and financial self-care options were limited; financial markets were practically non-existent. This paper reviews the existing efforts in financial education, drawing lessons from traditional methods and established channels. It also highlights recent initiatives that aim to bolster financial literacy.

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