Choung, Youngjoo; Chatterjee, Swarn; Pak, Tae-Young

Article — Manuscript Version (Preprint)

Digital Financial Literacy and Financial Well-Being

Finance Research Letters

Suggested Citation: Choung, Youngjoo; Chatterjee, Swarn; Pak, Tae-Young (2023) : Digital Financial
Literacy and Financial Well-Being, Finance Research Letters, ISSN 1544-6131, Elsevier, Amsterdam,
Iss. Journal Pre-proof, pp. --,
https://doi.org/10.1016/j.frl.2023.104438 ,
https://www.sciencedirect.com/science/article/abs/pii/S1544612323008103

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 1

Digital Financial Literacy and Financial Well-Being

Youngjoo Choung 1 Swarn Chatterjee 2 Tae-Young Pak 3*

Abstract
Digital financial literacy is an emerging concept that emphasizes necessary knowledge
and skills to carry out financial transactions on digital platforms. In this study, we aim to
examine the link between digital financial literacy and financial well-being among Korean
adults. Using online survey data, this study shows that digital financial literacy is associated
with financial well-being, and this association is largely due to financial knowledge and the
ability to protect against digital fraud. Digital financial literacy carried larger marginal effects
on financial well-being compared to financial knowledge, and demonstrated significant effects
across sociodemographic groups. Implications for financial education were discussed.

Keywords: digital finance; financial literacy; digital literacy; financial inclusion; financial
well-being; South Korea
JEL classification: D14, G50, G53, I31, O53

1
Department of Consumer Science, Inha University, Incheon, South Korea
2
Department of Financial Planning, Housing and Consumer Economics, University of Georgia,
Athens, GA, United States
3
Department of Consumer Science and Convergence Program for Social Innovation,
Sungkyunkwan University, Seoul, South Korea
*
Corresponding author (typak@skku.edu)
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1. Introduction
Digital innovations in finance have led to a surge in complex and innovative financial
instruments, including digital wallets, cryptocurrency, peer-to-peer lending, and robo-advisors
(Isaia and Oggero, 2022; Zavolokina et al., 2017). As digital finance evolves, a growing number
of financial services are accessed and delivered exclusively through digital channels (Lyons
and Kass-Hanna, 2021c). The current fintech landscape requires financial consumers to have
adequate knowledge and ability to use digital financial services and take greater responsibility
for their own finances (Morgan et al., 2019). Thus, achieving financial well-being depends not
only on financial knowledge but also on digital skills and the ability to manage financial matters
on digital platforms (Lyons and Kass-Hanna, 2021a).
Financial literacy is widely recognized as a crucial factor driving consumer
engagement in financial markets and services (Lusardi and Mitchell, 2014). Ongoing and
anticipated changes in the finance industry underscore the need to redefine financial literacy in
a digital context (Kass-Hanna et al., 2022). Recently, the concept of digital financial literacy
(DFL) has emerged to indicate “the knowledge, skills, confidence and competencies to safely
use digitally delivered financial instruments and services and make informed financial
decisions” (Alliance for Financial Inclusion, 2021). DFL is a multi-dimensional concept that
encompasses financial and digital literacy, as well as additional elements related to access and
use of digital financial services (Lyons and Kass-Hanna, 2021a). A growing literature is delving
into the conceptualization and measurement of DFL (Koskelainen et al., 2023; Lyons and Kass-
Hanna, 2021a; 2021b; Morgan et al., 2019; Ravikumar et al., 2022) and its effects on fintech
adoption (Lo Prete, 2022; Yoshino et al., 2020).
There exist only a few studies that have examined the relationship between DFL and
financial well-being (Jhonson et al., 2023; Rahayu et al., 2022b). Lyons and Fontes (2021)
examined the nationally representative sample in the US to show that digital literacy, financial
literacy, and social media use are associated with household portfolio outcomes. In Kass-Hanna
et al. (2022), digital literacy and financial knowledge were predictive of positive financial
behaviors, including saving, borrowing, and risk management strategies. However, these
findings contradict other studies, which suggest that digital financial services could prompt
impulsive buying behaviors (Panos and Wilson, 2020), or that digital access to consumer credit
increases the risk of falling into debt traps (Yue et al., 2022). Currently, the evidence is mixed
regarding whether and to what extent DFL improves financial security and well-being.
Previous studies were also limited in that they treated digital and financial literacy as distinct
skills and could not reflect emerging financial services based on mobile platforms.
 3

Financial well-being is a comprehensive construct that considers both objective and

perceived financial conditions. The concept of financial well-being has been motivated by the
findings that, although objective measures such as income and wealth can predict subjective
well-being, there remains a variation that cannot be solely attributed to economic resources
(Diener and Biswas-Diener, 2002). To address this limitation, the Consumer Financial
Protection Bureau (CFPB) operationalized financial well-being with a subjective assessment
of money management practices and the ability to meet future financial goals (CFPB, 2017b).
Studies have shown that financial well-being is a significant determinant of life satisfaction
and exhibits greater predictive power than objective financial indicators (Netemeyer et al.,
2017). The CFPB measure of financial well-being has been increasingly used in research of
financial literacy and education (Burke et al., 2020; Collins and Urban, 2020; Fan and Henager,
2022; Lee et al., 2020).
The link between financial literacy and financial well-being is rooted in the idea that
individuals with financial knowledge are more likely to access financial services, engage in
positive financial behaviors, and achieve higher financial well-being (Fan and Henager, 2022;
Lee et al., 2020; Utkarsh et al., 2020). Financial hardship and stress were found to predict
financial well-being (Lacombe and Khatun, 2023), and mediate the effects of financial literacy
and financial behaviors (Fan and Henager, 2022; Zhang and Chatterjee, 2023). Digital financial
literacy was associated with increased use and awareness of mobile financial services (Long et
al., 2023; Morgan and Long, 2019; Yoshino et al., 2020), positive financial behaviors (Rahayu
et al., 2022a), and ultimately financial well-being (Jhonson et al., 2023; Rahayu et al., 2022b).
Synthesizing prior research and introducing digital finance landscape leads to the following
conceptual framework (Figure 1). In this study, we test a direct association between digital
financial literacy and financial well-being in the Korean context.

Figure 1. Conceptual framework of digital financial literacy and financial well-being

 4

2. Methods

2.1. Data description

Macromill Embrain is a market research company in South Korea that maintains a
panel of more than one million individuals across sociodemographic groups. This study
recruited individuals aged 25 to 59 from this panel using a stratified sampling method based
on age, gender, and region of residence. The survey was approved by the Institutional Review
Board of Sungkyunkwan University (No. 2023-04-046) and conducted anonymously between
April 24 and May 16, 2023. A total of 1615 individuals participated in the online survey and
received compensation proportional to the survey’s duration ($0.77 per minute). The study
sample has a mean age of 42.63, with women constituting 49% of the sample (Table 1).

Table 1. Summary statistics (N=1615)

Full sample
DFL ≤ DFL > Mean SD
median median
Financial knowledgea 4.64 6.24 5.44 1.45
Digital knowledgea 4.31 4.92 4.62 0.56
Awareness of digital financial servicesa 4.06 4.81 4.43 0.62
Practical know-how of digital financial servicesa 4.04 4.76 4.40 0.61
Self-protection from digital scama 3.43 4.08 3.75 0.65
Digital financial literacya 22.65 2.88

Age 43.91 41.34 42.63 9.67

Female 0.54 0.43 0.49
Male 0.46 0.57 0.51
High school graduate 0.24 0.13 0.19
Vocational college graduate 0.20 0.14 0.17
4-year college graduate 0.49 0.57 0.53
Post graduate degree 0.07 0.16 0.12
Married 0.32 0.35 0.34
Single 0.60 0.59 0.59
Separated, divorced, widowed 0.08 0.06 0.07
Household size 2.93 2.94 2.93
Household income (10k KRW) 9428 11408 10418 39973
Financial assets (10k KRW) 11418 15023 13219 47074
Any risky equity 0.70 0.84 0.77
Poverty status 0.03 0.01 0.02
Own home 0.60 0.60 0.60
Long-term rental 0.18 0.18 0.18
Short-term rental and others 0.22 0.22 0.22
Urban area 0.44 0.59 0.52
MVNO plan 0.20 0.18 0.19
Financial education in high school or college 0.24 0.38 0.31
Notes: DFL, digital financial literacy; SD, standard deviation. aRaw scores before normalization.

2.2. Financial well-being

The CFPB’s financial well-being scale asked participants to indicate their levels of
 5

agreement with the proposed descriptions regarding personal finance (Table A1). The first six
questions were framed, “How well does this statement describe you or your situation?” (0=not
at all to 4=completely), and the next four questions asked, “How often does this statement apply
to you?” (0=never to 4=always). Responses to the ten statements were aggregated to construct
a score of 0 to 40, indicating the degree of financial well-being. This score was then converted
according to the CFPB’s item response theory-based scoring method, which takes into account
item polarity, age, and survey mode (CFPB, 2017a). Among a couple of scoring methods, we
used a scoring table tailored for individuals aged 18-61 who self-administered the interview.
The CFPB scale has been used to assess Korean adults’ financial well-being in previous
research (Jang and Kim, 2023; Pak et al., 2023).

2.3. Digital financial literacy

Lyons and Kass-Hanna (2021a) defined DFL as a broad construct, encompassing five
dimensions and eight subdimensions of financial and digital literacy. In this study, we propose
a narrower definition of DFL, which includes financial knowledge and four dimensions of
digital literacy (digital knowledge, awareness of digital financial services, practical know-how
of digital financial services operations, and self-protection from digital scam) directly related
to skills and ability required for a proper use of digital financial services (Table A2).
Financial knowledge was assessed using the OECD/INFE survey of adult financial
literacy (OECD, 2020). This scale comprises seven questions measuring the time value of
money, interest paid on a loan, simple interest, compound interest, risk and return, the concept
of inflation, and risk diversification. The financial knowledge index is calculated as the number
of correct responses (0-7).
Digital knowledge was assessed with 10 items related to the basic knowledge of
hardware and software usage. Awareness of digital financial services was evaluated by eight
items concerning knowledge of available digital solutions for online and mobile financial
transactions. Practical know-how of digital financial services operations was conceptualized as
the ability to effectively utilize software and mobile applications for personal finance, as
measured by seven items. The subdimension of self-protection involves the capacity to identify
and prevent fraudulent activities on digital platforms. Participants responded on a 5-point
Likert scale (1=strongly disagree to 5=strongly agree), and a summary score for each
subdimension was constructed by averaging the responses.
The composite index for DFL was then obtained from the sum of the financial
knowledge index and scores from the digital literacy subdimensions (4-27). This composite
 6

index and the subdimension scores were standardized using the z-score normalization method.

2.4. Empirical model

We estimated linear regressions in which financial well-being is regressed on DFL and
covariates. All regressions controlled for age, gender, education, marital status, household size,
annual household income, financial assets, risky equity ownership, poverty status, housing,
urbanicity, and province fixed effects (Table 1).
To address potential endogeneity of DFL, this study used cell phone plan and prior
exposure to financial education as instrumental variables. Specifically, our instruments were
an indicator of whether a participant used Mobile Virtual Network Operator (MVNO) plan and
an indicator of financial education during high school or college. In Korea, MVNO plans
primarily serve individuals who use mobile phones and related services infrequently. As such,
this variable operates as a variable that reflects one's willingness and capability to use mobile
platforms for financial transactions, which might in turn influence DFL. Our instruments were
expected to capture the exogenous variation in digital literacy attributable to an individual's
predisposition towards mobile services, and variations in financial knowledge due to financial
education.

3. Results
Participants correctly answered an average of 5.44 out of seven financial knowledge
questions (Table 1). Among the four subdimensions of digital literacy, participants scored
highest in digital knowledge and lowest in self-protection from digital scam. The mean DFL
score was 22.65, with a standard deviation of 2.88.
Table 2 presents regression results corresponding to the research questions. The first
five columns indicate that each dimension of DFL is significantly associated with financial
well-being at the 1% level, adjusting for sociodemographic covariates. The estimated
coefficient was largest for self-protection from digital scam and smallest for financial
knowledge. In column 6, both financial knowledge and self-protection variables were
independently associated with financial well-being (Figure A1). The results in column 7 show
that a one-standard deviation increase in DFL leads to a 1.33 point, or roughly 2.6% (=1.33/50.7)
rise in financial well-being. The two-stage least squares estimates confirm a significant
association between DFL and financial well-being at the 5% level.
 7

Table 2. Associations between digital financial literacy and financial well-being

OLS OLS OLS OLS OLS OLS OLS IV 2SLS
(1) (2) (3) (4) (5) (6) (7) (8)
Financial knowledge 0.730*** 0.501**
(0.184) (0.196)
Digital knowledge 0.873*** 0.109
(0.173) (0.265)
Awareness of DFS 0.976*** -0.025
(0.199) (0.404)
Practical know-how of DFS 1.084*** 0.279
(0.195) (0.409)
Self-protection from 1.306*** 1.054***
digital scam (0.208) (0.247)
Digital financial literacy 1.330*** 3.542**
(0.193) (1.700)
Kleibergen-Paap LM 22.52
statistica
Cragg-Donald Wald F 11.52
statisticb
Notes: OLS, ordinary least squares; IV, instrumental variable; 2SLS, two-stage least squares; DFS, digital financial services.
Robust standard errors in parentheses. Regressions control for age, gender, education, marital status, household size,
household income, financial assets, any risky equity, poverty status, housing, urbanicity, and province fixed effects.
a
Kleibergen-Paap LM statistic for underidentification test. bCragg-Donald Wald F statistic for weak identification test. *** p
< 0.01; ** p < 0.05; * p < 0.10.

Next, we estimated split-sample regressions, dividing the sample based on gender,

education, and income (Table 3). The results suggest that self-protection from digital scam is
positively associated with financial well-being across gender, education, and income groups.
Other domains of DFL (financial knowledge, digital knowledge, awareness of digital financial
services, and practical know-how) remain uncorrelated with financial well-being or show
inconsistent results across grouping variables (Figure A2).

Table 3. Subsample analyses by gender, education, and household income

Women Men Less than College HH income HH income
college graduate ≤ median > median
(1) (2) (3) (4) (5) (6)
Financial knowledge 0.511* 0.380 0.569* 0.407 -0.039 0.872***
(0.295) (0.267) (0.317) (0.255) (0.267) (0.289)
Digital knowledge 0.466 -0.107 0.077 0.273 -0.072 0.234
(0.430) (0.351) (0.457) (0.341) (0.323) (0.440)
Awareness of DFS -0.214 0.053 0.010 0.058 0.328 -0.531
(0.571) (0.581) (0.658) (0.525) (0.492) (0.662)
Practical know-how of DFS -0.232 0.859 -0.443 0.680 -0.091 0.975
(0.619) (0.552) (0.754) (0.484) (0.508) (0.659)
Self-protection from digital scam 1.295*** 0.813** 0.900** 1.124*** 1.058*** 0.944**
(0.359) (0.347) (0.398) (0.318) (0.334) (0.386)
N 788 827 572 1043 808 807
Notes: DFS, digital financial services; N, number of observations. Robust standard errors in parentheses. Regressions
control for age, gender, education, marital status, household size, household income, financial assets, any risky equity,
poverty status, housing, urbanicity, and province fixed effects. *** p < 0.01; ** p < 0.05; * p < 0.10.
 8

4. Discussion
This study explored the potential associations between DFL and financial well-being
among Korean adults. Results showed that DFL is positively associated with financial well-
being, and this association is attributable to financial knowledge and the ability to protect from
digital scams. Other facets of DFL exhibited no significant association with financial well-
being. We also found that the link between self-protection ability and financial well-being
remained significant across different genders, education levels, and income brackets.
Our findings broadly support the evidence that digital finance can foster financial
inclusion and help alleviate poverty among financially excluded households (Bruhn and Love,
2014; Ozili, 2021). Digital and financial literacy have been linked to resilient financial
behaviors, as measured by risk management behaviors and precautionary saving (Kass-Hanna
et al., 2022). Enhancing DFL may improve people's ability to access mobile finance, which
could result in positive financial behaviors like switching from informal to formal savings
channels (Aron, 2018). Those who adopted mobile money have shown consumption smoothing
and a reduced risk of falling into poverty during negative income shocks (Blumenstock et al.,
2016; Jack and Suri, 2014; N'dri and Kakinaka, 2020; Seng, 2021; Suri and Jack, 2016).
Improvements in objective financial conditions likely lead to enhanced financial well-being
and thus contribute to life satisfaction (Netemeyer et al., 2017).
This study highlights the role of the ability to avoid digital frauds in improving
financial well-being. The prevalence of digital crime including identity theft, phishing, and
smishing is alarmingly high in Korea, with more than 190,000 cases reported to the police
agency in 2020 (Choi and Kim, 2016; Korean National Police Agency, 2023). Historically, the
Korean regulatory environment has placed a greater responsibility on consumers to prevent
digital crime, making them to exercise due diligence in telecommunication-based financial
transactions (Park and Yoon, 2018). As digital fraud becomes more sophisticated and difficult
to discern, it is becoming increasingly important for consumers to have the knowledge and
ability to detect fraud attempts and employ best practices to avoid being victimized (Aziz and
Naima, 2021; Morgan et al., 2019). Research has shown that fraud victimization undermines
economic and subjective well-being in various population groups and contexts (Brenner, et al.,
2020; Dutt, 2023; Muscanell et al., 2014; Owen et al., 2017). Thus, enhancing the ability to
identify fraudulent transactions may not only enhance financial security but also overall
financial well-being.
Another noteworthy finding was that DFL had a larger marginal effect on financial
well-being compared to financial knowledge. This finding confirms previous evidence that
 9

digital literacy is an independent predictor of financial behavior and well-being, after

controlling for financial literacy (Kass-Hanna et al., 2022; Lyons and Fontes, 2021; Rahayu et
al., 2022b), and highlights the prominent role of digital skills in the digital finance context. As
discussed above, DFL is a broad concept that encompasses knowledge, skills, and ability to use
digital financial instruments, as well as the technical competency to safeguard against cyber
threats. While traditional financial literacy remains crucial, it may not be the sole determinant
of financial well-being in a digital economy. As such, financial knowledge should be
complemented with digital skills so that individuals can apply their knowledge efficiently and
safely on digital platforms.
This study informs policymakers and educators about the importance of prioritizing
the development of DFL alongside financial knowledge. Potential solutions may involve
customized educational programs that focus on building basic financial knowledge and the
necessary digital skills needed to apply this knowledge through digital platforms (Lyons and
Kass-Hanna, 2021b; Morgan, 2021). These programs should be designed in consideration of
the needs and learning preferences of digitally unskilled individuals (Lyons and Kass‐Hanna,
2021a), and aim to develop practical knowledge related to financial transactions and fraud
prevention in a digital environment. Furthermore, it would be prudent for financial institutions
to offer foundational DFL education, which will empower consumers to make informed digital
financial decisions and contribute to a more secure digital financial environment.
Readers should be cautious as our findings may not be generalizable to older adults or
marginalized populations with limited mobile service access. Another limitation is that our
regressions could not account for variables reflecting the potential capability and inclination of
participants to achieve financial well-being, such as financial goal setting and savings habit
(Lacombe and Khatun, 2023). Our identification strategy could also benefit from more
exogenous instruments that are independent of the error term.
This study contributes to literature in several ways. First, it is among the few studies
that have examined the impact of DFL on well-being. Second, this study introduced a
multidimensional scale of DFL that can be applied in various settings. Lastly, this study
provided a comprehensive assessment of DFL within the Korean context.
In conclusion, DFL plays a crucial role in achieving financial well-being. As society
continues to digitize financial services, it is essential to provide the necessary support and
resources to ensure that no one is excluded from financial services due to technological
advancements.
 10

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