Digital Finance Adoption in Brazil: An Exploratory Analysis on Financial Apps and Digital Financial Literacy

Natali Morgana Cassola, Kalinca Léia Becker, Kelmara Mendes Vieira (), Maria Fernanda da Silveira Feldmann, Mariana Rodrigues Chaves, Iasmin Camile Berndt and Anna Febe Machado Arruda
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Natali Morgana Cassola: Graduate Program in Economics and Development, Federal University of Santa Maria, Santa Maria 97105-900, Brazil
Kalinca Léia Becker: Graduate Program in Economics and Development, Federal University of Santa Maria, Santa Maria 97105-900, Brazil
Kelmara Mendes Vieira: Graduate Program in Management of Public Organizations, Federal University of Santa Maria, Santa Maria 97105-900, Brazil
Maria Fernanda da Silveira Feldmann: Law Program, Federal University of Santa Maria, Santa Maria 97105-900, Brazil
Mariana Rodrigues Chaves: Santa Maria Military School, Santa Maria 97035-000, Brazil
Iasmin Camile Berndt: Economics Program, Federal University of Santa Maria, Santa Maria 97105-900, Brazil
Anna Febe Machado Arruda: Public Relations Program, Federal University of Santa Maria, Santa Maria 97105-900, Brazil

JRFM, 2025, vol. 18, issue 10, 1-17

Abstract: Digital transformation has fundamentally altered how individuals manage their finances. The expansion of financial technologies and the digitalization of banking services underscore the need for digital financial literacy, defined as the ability to safely use financial applications and make informed decisions within virtual environments. This study examined the perceptions of financial application use across age groups and their corresponding level of digital financial literacy. This exploratory study used a convenience sample of 41 semi-structured interviews conducted in 2025. The data were analyzed using content analysis and descriptive statistics. The findings indicated that most participants prioritized digital apps over traditional channels and expressed confidence in their use, although concerns about data security remained. Participants identified key advantages, including convenience, efficiency, and centralized access, yet few used apps for financial planning. Most respondents demonstrated an intermediate level of digital knowledge, with limited proficiency in executing complex financial tasks. Perceptions revealed both optimism and apprehension: while participants valued the practicality of digital tools, they also recognized risks such as fraud, exclusion of vulnerable groups, and technological dependence. The limited and non-representative sample limits generalization, suggesting the need for broader surveys. Enhanced public policies promoting digital financial education in Brazil are recommended.

Keywords: digital financial literacy; financial inclusion; financial apps; digital security (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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