Digital Literacy, Financial Literacy, and Financial Management Behavior: Empirical Evidence from Vietnam

Thuy Chung Phan, Thai Thi Van Anh, Hien Thu Phan, Lam Van Le and Trang Minh Thai Phung

Chapter 13 in Emerging and Evolving Business and Management Issues in Vietnam:Research and Practice, 2024, pp 399-432 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Many studies have suggested that financial literacy (FL) helps increase individual economic well-being, particularly by enhancing financial inclusion across countries. However, there is no consensus on measuring FL. Moreover, the rapid growth of digital financial services (DFS) due to the COVID-19 pandemic has continuously raised concerns that traditional FL is insufficient for individuals to access and use DFS effectively. In this study, we aim to investigate the impact of FL and digital literacy (DL) on financial management behavior (FMB), including spending, saving, borrowing, and investment. This research uses data from the responses of 377 Vietnamese. The results show that both FL and DL significantly impact FMB. In particular, FL and DL are positively associated with spending, saving, and borrowing — especially on digital platforms. However, the opposite trend is observed regarding individuals’ overspending and formal lending by banks. This investigation suggests policymakers should develop educational programs to increase both FL and DL to improve the FMB of the young generation.

Keywords: Strategic Management; Environmental Uncertainty; Digital Marketing; Marketing and Digital Shift; Cultural Intelligence; Quality Measurement; Prosumption; Transitional Economy; IoT Adoption; Market Orientation; Social Investment; Productivity Growth; Fintech; New Managerialism; Financial Literacy; Digital Literacy; Personal Financial Management; Digital Financial Services; Vietnam (search for similar items in EconPapers)
JEL-codes: F23 F44 M1 M11 M16 M31 (search for similar items in EconPapers)
Date: 2024
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