How Digital Technologies Affect Consumers’ Financial Behavior

Olga Kukushkina (), Natalia Larionova () and Julia Varlamova ()
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Olga Kukushkina: Kazan Federal University
Natalia Larionova: Kazan Federal University
Julia Varlamova: Kazan Federal University

Rivista Internazionale di Scienze Sociali, 2020, vol. 128, issue 3, 321-344

Abstract: The aim of this study is to determine in which direction the saving and borrowing behavior of individuals is changing in the context of digitalization. The research methodology is based on an analysis of the influence of two levels of digitalization: access to digital technology and the availability of digital skills. Using a probit model, we assessed the likelihood of saving and borrowing behavior by incorporating digital technologies into the theoretical model. Marginal effects were calculated to interpret the results of the savings and borrowing behavior model. The results of the study show that digital technologies increase the likelihood of financial behavior in low-income, middle-income, and high-income countries. Moreover, digital skills increase the likelihood of savings behavior and borrowing behavior by 20% and 19%, respectively. Digital technologies stimulate both saving and borrowing behavior, a result that has implications for public policy designed to enhance the saving behavior of different groups of the population by income quantiles.

Keywords: Financial behavior; Digital skills; Saving behavior; Borrowing behavior; Financial literacy (search for similar items in EconPapers)
JEL-codes: D14 D91 G41 (search for similar items in EconPapers)
Date: 2020
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