This study investigates the intricate relationship between digital financial literacy (DFL) and the financial behavior of millennials. As digital platforms increasingly dominate financial transactions, understanding how DFL shapes financial decisions among this technologically adept generation is crucial. Drawing upon a comprehensive literature review, this research postulates that higher DFL levels lead to more prudent and effective financial behaviors, including budgeting, saving, investing, and debt management. Utilizing a quantitative research design, data was collected from a diverse sample of millennials through an online survey. The findings reveal a significant positive correlation between DFL and various aspects of financial behavior, underscoring the imperative for targeted educational initiatives. This paper contributes to the existing body of knowledge by specifically examining DFL in the millennial context, offering valuable insights for policymakers, financial institutions, and educators aiming to enhance financial well-being in the digital age.

Digital Financial Literacy, Financial Behavior, Millennials

Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.

OECD. (2018). OECD/INFE Toolkit for Measuring Financial Literacy and Financial Inclusion. OECD Publishing.

Almenberg, J., & Säve‐Söderbergh, J. (2011). Financial literacy and retirement planning in Sweden. Journal of Pension Economics & Finance, 10(4), 585–598.

Bhushan, P., & Medury, Y. (2013). Financial literacy and its determinants. International Journal of Engineering, Business and Enterprise Applications, 4(2), 155–160.

Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817.

Hasting, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial education, and economic outcomes. Annual Review of Economics, 5(1), 347–373.

Zait, A., & Bertea, P. E. (2014). Financial literacy – concept relevance and measurement. Journal of Applied Quantitative Methods, 9(3), 85–105.

Henager, R., & Cude, B. J. (2016). Financial literacy and long- and short-term financial behavior in different age groups. Journal of Financial Counseling and Planning, 27(1), 3–19.

Potrich, A. C. G., Vieira, K. M., & Kirch, G. (2018). How well do women do when it comes to financial literacy? Brazilian Business Review, 15(3), 287–303.

OECD. (2020). Youth and Digital Financial Literacy: OECD Policy Guidance. OECD Publishing.

Rengasamy, D. (2014). Financial literacy and financial behaviour: A study with reference to salaried employees in Coimbatore City. Journal of Business and Management, 16(5), 60–68.

Ali, A., Rahman, M. S. A., & Bakar, A. (2013). Financial satisfaction and the influence of financial literacy in Malaysia. Social Indicators Research, 110(3), 137–156.

Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2010). Financial socialization of first-year college students: The roles of parents, work, and education. Journal of Youth and Adolescence, 39(12), 1457–1470.

Morgan, P. J., & Trinh, L. Q. (2020). Fintech and financial literacy in the Lao PDR. ADB Institute Working Paper Series.

Prawitz, A. D., & Cohart, J. (2014). Workplace financial education facilitates improvement in personal financial behaviors. Journal of Financial Counseling and Planning, 25(1), 5–26.

Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80–105.

Lusardi, A., & Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness. Journal of Pension Economics & Finance, 14(4), 332–368.

Lee, N., & Shin, Y. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46.