Specificity of the Influence of Financial Literacy on Consumer Sovereignty in the Context of Digitalization

Abstract

The article emphasizes the importance of forming a culture of financial literacy of the population as a necessary condition for creating a secure financial environment in the context of digitalization. The influence of banking technologies and digitalization on consumer behavior is analyzed and it is noted that consumer ignorance and insufficient digital literacy (low awareness of modern banking services in the market, mechanisms for purchasing goods and services through online platforms) limit consumer sovereignty. The experience of using various payment instruments in the national national market is considered. It is proved that a significant increase in non-cash payments stimulates the emergence of new banking services, which include junior bank cards as an effective financial product that solves the issue of security of money transfers and control over the status of the account (on the part of parents or guardians). On the basis of the expert method, the features of the use of junior cards and the level of financial literacy of consumers of this banking product are researched. It is emphasized that today the definition of priority directions, instruments and appropriate information support for the practical implementation of measures to improve financial literacy will provide an opportunity to increase the level of economic security of the State and strengthen the financial sovereignty of citizens. According to the results of the research, recommendations on the effectiveness of educational programs for the formation of financial literacy as a necessary competence in the context of digitalization and financial awareness as an important component of the formation of financial sovereignty of the consumer are suggested.