Digital financial literacy and digital financial inclusion: A multigroup analysis based on gender

Abstract

The objective of this research is to explore the relationship between digital financial literacy (DFL) and digital financial inclusion (DFI) while considering gender differences. The study employed convenience sampling and collected primary data through a questionnaire. The analysis involved a multi-group assessment to examine how DFL influences DFI in distinct gender categories. The results reveal a noteworthy association between DFL and DFI among both females and males. Interestingly, the impact of DFL on DFI appears to be more pronounced within the female group, suggesting that enhancing digital financial literacy can be particularly beneficial for women's financial inclusion. However, it is essential to note that the disparity in the effect of DFL on DFI between the two gender groups does not reach statistical significance. This finding underscores the overall significance of DFL in advancing digital financial inclusion across all genders. These results have substantial implications for policymakers and financial institutions. The study underscores the importance of promoting digital financial literacy to improve digital financial inclusion. While the influence of DFL seems slightly stronger for females, addressing digital financial literacy comprehensively for all genders remains vital in the pursuit of inclusive financial systems. By expanding digital financial literacy initiatives and making them accessible to diverse populations, policymakers and financial institutions can contribute to more equitable financial inclusion. This research highlights the need for gender-inclusive strategies and underscores that bolstering DFL can be a pivotal step towards achieving comprehensive financial inclusion on a broader scale.