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Digital Financial Literacy

An overview of digital financial literacy, which combines the skills needed to navigate financial services with the skills to use digital technologies

Digital financial literacy combines the skills needed to navigate financial services with the skills to use digital technologies.

Depending on the user’s proficiency, technology such as internet browsers and mobile devices may help or hurt access to financial tools. Someone with high skills in technology would have an easier time buying and selling cryptocurrency. Someone with low skills in technology may struggle to access an online bank account.

Read this proposal developed by a task force developed in support of the 2019 G20 Osaka summit on the need to promote digital financial literacy. One key argument is that “consumers will need to have a higher level financial sophistication to make effective use of financial technology (fintech) products and services, and avoid fraud and costly mistakes.”

Discussion: What has been your experience with digital financial tools? Do they increase or decrease your ability to access financial services? What about the access for your friends and family?

Optional: read more about the crossover of financial literacy and cryptocurrency and some emerging ideas about financial education for kids.

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