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How Digital Technologies Affect Consumers’ Financial Behavior

Author

Listed:
  • Olga Kukushkina

    (Kazan Federal University)

  • Natalia Larionova

    (Kazan Federal University)

  • Julia Varlamova

    (Kazan Federal University)

Abstract

The aim of this study is to determine in which direction the saving and borrowing behavior of individuals is changing in the context of digitalization. The research methodology is based on an analysis of the influence of two levels of digitalization: access to digital technology and the availability of digital skills. Using a probit model, we assessed the likelihood of saving and borrowing behavior by incorporating digital technologies into the theoretical model. Marginal effects were calculated to interpret the results of the savings and borrowing behavior model. The results of the study show that digital technologies increase the likelihood of financial behavior in low-income, middle-income, and high-income countries. Moreover, digital skills increase the likelihood of savings behavior and borrowing behavior by 20% and 19%, respectively. Digital technologies stimulate both saving and borrowing behavior, a result that has implications for public policy designed to enhance the saving behavior of different groups of the population by income quantiles.

Suggested Citation

  • Olga Kukushkina & Natalia Larionova & Julia Varlamova, 2020. "How Digital Technologies Affect Consumers’ Financial Behavior," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 128(3), pages 321-344.
    • Handle: RePEc:vep:journl:y:2020:v:128:i:3:p:321-344
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    File URL: https://riss.vitaepensiero.it/scheda-articolo_digital/olga-kukushkina-natalia-larionova-julia-varlamova/how-digital-technologies-affect-consumers-financial-behavior-000518_2020_0003_0321-370662.html
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    Cited by:

    1. Ying Chu & Shujun Ye & Hongchang Li & Jack Strauss & Chen Zhao, 2023. "Can Digitalization Foster Sustainable Financial Inclusion? Opportunities for Both Banks and Vulnerable Groups," Sustainability, MDPI, vol. 15(8), pages 1-21, April.

    More about this item

    Keywords

    Financial behavior; Digital skills; Saving behavior; Borrowing behavior; Financial literacy;
    All these keywords.

    JEL classification:

    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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