Digital Financial Literacy and Mobile Banking Behavior: Empirical Evidence from an Emerging Market

Thuy Chung Phan, Triet Le Minh (), Trang Thao Nguyen and Hien Thu Phan
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Thuy Chung Phan: University of Economics Ho Chi Minh City (UEH), Department of Financial Management
Triet Le Minh: Vinh Long University of Technology Education, Faculty of Economics and Laws
Trang Thao Nguyen: University of Economics Ho Chi Minh City (UEH), School of Foreign Languages
Hien Thu Phan: University of Economics Ho Chi Minh City (UEH), School of Banking, College of Business

A chapter in Proceedings of the 11th International Conference on Emerging Challenges: Smart Business and Digital Economy 2023 (ICECH 2023), 2023, pp 164-178 from Springer

Abstract: Abstract Research Purpose: With the rapid development of finance and the increase in the world’s population owning smartphones, digital financial literacy has become essential in many countries, including Vietnam. This study investigates the impact of digital financial literacy on the use of Mobile Banking in Vietnam. Research Motivation: To deepen our understanding of the complex relationship between digital financial literacy and mobile banking behavior, the UTAUT model is adopted, offering a unique contribution to the literature on digital finance. Method: Our data, consisting of 800 observations of Vietnamese individuals who have used mobile banking, indicates that a significant portion of the Vietnamese population possesses the necessary technical knowledge to utilize technology. Finding: Our findings show the significant effect of financial, digital, and digital financial literacy on mobile banking behavior. Further, there is a considerable gap in digital financial literacy between genders and urban and rural areas. The study highlights the lower financial literacy digital and financial knowledge levels in Vietnam. Implication: The contribution of this research will provide an essential foundation for policies aimed at developing digital financial literacy and digital banking to direct the development toward a digital economy in the future.

Keywords: financial literacy; digital literacy; digital financial literacy; mobile banking behavior; emerging market (search for similar items in EconPapers)
Date: 2023
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DOI: 10.2991/978-94-6463-348-1_15

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