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Fintech Revolution's Impact on Financial Behavior and Education

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  • Alexey Upravitelev

    (University of Trento)

Abstract

This paper explores the impact of digitalization of finance on consumers of financial services and the role of financial education in this context. The advantages of digital finance include reduced transactional costs, enhanced speed, security, and transparency. However, the paper focuses on how fintech changes financial behavior and the emergence of vulnerable groups due to the unequal distribution of benefits from digitalization. The paper critiques existing approaches to financial education, arguing that they are insufficient in addressing the challenges posed by digitalization. It identifies vulnerable groups, including the elderly, low-income individuals, and those with limited access to technology, who may face greater risks in the fintech revolution. The paper concludes with suggestions for effective methods of financial behavior change and financial education programs. By addressing the challenges and opportunities of digitalization, financial education can empower consumers to make informed financial decisions and reduce vulnerability.

Suggested Citation

  • Alexey Upravitelev, 2024. "Fintech Revolution's Impact on Financial Behavior and Education," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 8(S2), pages 29-33, December.
    • Handle: RePEc:beh:jbepv1:v:8:y:2024:i:s2:p:29-33
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    References listed on IDEAS

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    1. Kaiser, Tim & Lusardi, Annamaria & Menkhoff, Lukas & Urban, Carly, 2022. "Financial education affects financial knowledge and downstream behaviors," Journal of Financial Economics, Elsevier, vol. 145(2), pages 255-272.
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    3. Matija Franklin & Tomas Folke & Kai Ruggeri, 2019. "Optimising nudges and boosts for financial decisions under uncertainty," Palgrave Communications, Palgrave Macmillan, vol. 5(1), pages 1-13, December.
    4. Chen, S. & Doerr, S. & Frost, J. & Gambacorta, L. & Shin, H.S., 2023. "The fintech gender gap," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    5. Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy around the world: an overview," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 497-508, October.
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