What Do We Know About Digital Financial Literacy? A Systematic Review and Agenda for Future Research
DOI:
https://doi.org/10.52300/jmso.v7i2.27601Keywords:
Digital Financial Literacy (DFL), Integrative Literature Review (ILR), Bibliometric Analysis, Financial Technology (FinTech), Financial Inclusion, Conceptual Framework, Research Agenda, Systematic Literature Review (SLR)Abstract
Objective – This study aims to synthesize the rapidly expanding body of knowledge on Digital Financial Literacy (DFL) by identifying its conceptual foundations, methodological trends, thematic developments, and research gaps. It also seeks to develop an integrative conceptual framework that explains the dual role of DFL and proposes a future research agenda.
Design/Methodology/Approach – A systematic integrative literature review was conducted and reported in accordance with PRISMA 2020. Bibliometric mapping was combined with a concept-centric thematic synthesis. Two reviewers independently screened titles/abstracts and full texts, and inter-reviewer reliability was quantified using percentage agreement and Cohen's kappa. The methodological quality of eligible empirical studies was appraised with the Mixed Methods Appraisal Tool (MMAT) 2018. The final thematic synthesis comprised 50 peer-reviewed articles published between January 2020 and December 2025.
Findings – The findings reveal an academic "gold rush" in Digital Financial Literacy (DFL) research—with 74% of studies published between 2024 and 2025—marked by conceptual fragmentation, heavy reliance on Structural Equation Modeling (52%), and geographic concentration in developing economies like Indonesia, India, and China that limits generalizability. While DFL spans knowledge, behavior, confidence, and risk/self-protection, the latter emerges as the critical differentiator. Notably, basic financial knowledge alone risks increasing financial anxiety, whereas self-protection capabilities reduce anxiety and build trust. Ultimately, the synthesis proposes a sequential model where DFL first serves as a protective shield against fear before catalyzing digital financial adoption, entrepreneurship, and overall well-being.
Implications – This study advances DFL research by proposing a comprehensive, multidimensional framework and outlining future directions. It urges establishing a standardized global definition through collaboration and shifting from cross-sectional methods to longitudinal, qualitative, and experimental (RCT) designs to prove causality. Finally, it highlights critical research gaps, calling for deeper investigation into vulnerable groups, emerging risks (DeFi, CBDCs, influencers), and DFL dynamics in developed economies.
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