An Analysis of Digital Financial Literacy among College Students

The present research work analyzed the level of digital financial literacy of graduate and post graduate students of Saurashtra region. The objective of research was to study the relationship between demographic variables and level of digital financial literacy. It was also aimed at exploring the relationship between digital financial literacy and use of digital financial services. Digital Financial Literacy was measured using three dimensions: knowledge of digital financial products and services, awareness of digital financial risk and its control and knowledge of consumer rights and redress procedures. For measurement of digital financial literacy, 135 students were selected using convenient sampling method and data were collected using structured questionnaire. The data were analyzed using SPSS. We found that on an average 47 per cent of students answered digital financial literacy questions correctly with median score of 57. The demographic variables like age and education significantly affect the level of digital financial literacy. However, Male and female students do not have significant differences with respect to the level of digital financial literacy score. We found that there is a gap between level of digital financial literacy and usage of digital financial services.