With paradigms of conventional financial literacy shifting to the digitized era, the impact of digitization on financial literacy has been profound. Whether it comes to managing funds, planning for retirement, or allocating funds for your kids’ education, you can’t separate digital and financial literacy. Even if you are financially literate, the lack of digital literacy exposes you to online vulnerabilities.
The Federal Reserve Bank of San Francisco survey in 2021 revealed that credit cards account for 28 percent of all payments made. Just 20 percent of payments were being made using cash. This statistic speaks a ton about where digital financial literacy stands in the United States.
