An Empirical Study on Impact of Financial Literacy and its components on Indian Consumers’ Intention to Use Digital Financial Services

Abstract

Developing economies, particularly in the aftermath of the Fintech revolution and ongoing COVID 19 pandemics, are in desperate need of digital financial literacy. The research objectives included, among other things, assessing and evaluating Financial Literacy and developing relevant metrics for assessing and evaluating its influence on increasing catalytically, the use of Digital Financial Services by India's diverse population. The various components of Financial Literacy and their impact are empirically analyzed using a multi-dimensional approach to help policymakers and international institutions/bodies formulate relevant strategies for various population cohorts, advancing the cause of more digitally empowered and financially educated citizens, and garnering towards the UN vision of comprehensive and integrated sustainable development through digital financial inclusion. Keywords: Digital financial literacy, financial literacy, financial knowledge, financial awareness, financial attitude, financial inclusion, COVID 19 pandemic.