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Digital Finance Adoption in Brazil: An Exploratory Analysis on Financial Apps and Digital Financial Literacy

Author

Listed:
  • Natali Morgana Cassola

    (Graduate Program in Economics and Development, Federal University of Santa Maria, Santa Maria 97105-900, Brazil)

  • Kalinca Léia Becker

    (Graduate Program in Economics and Development, Federal University of Santa Maria, Santa Maria 97105-900, Brazil
    Graduate Program in Management of Public Organizations, Federal University of Santa Maria, Santa Maria 97105-900, Brazil)

  • Kelmara Mendes Vieira

    (Graduate Program in Management of Public Organizations, Federal University of Santa Maria, Santa Maria 97105-900, Brazil)

  • Maria Fernanda da Silveira Feldmann

    (Law Program, Federal University of Santa Maria, Santa Maria 97105-900, Brazil)

  • Mariana Rodrigues Chaves

    (Santa Maria Military School, Santa Maria 97035-000, Brazil)

  • Iasmin Camile Berndt

    (Economics Program, Federal University of Santa Maria, Santa Maria 97105-900, Brazil)

  • Anna Febe Machado Arruda

    (Public Relations Program, Federal University of Santa Maria, Santa Maria 97105-900, Brazil)

Abstract

Digital transformation has fundamentally altered how individuals manage their finances. The expansion of financial technologies and the digitalization of banking services underscore the need for digital financial literacy, defined as the ability to safely use financial applications and make informed decisions within virtual environments. This study examined the perceptions of financial application use across age groups and their corresponding level of digital financial literacy. This exploratory study used a convenience sample of 41 semi-structured interviews conducted in 2025. The data were analyzed using content analysis and descriptive statistics. The findings indicated that most participants prioritized digital apps over traditional channels and expressed confidence in their use, although concerns about data security remained. Participants identified key advantages, including convenience, efficiency, and centralized access, yet few used apps for financial planning. Most respondents demonstrated an intermediate level of digital knowledge, with limited proficiency in executing complex financial tasks. Perceptions revealed both optimism and apprehension: while participants valued the practicality of digital tools, they also recognized risks such as fraud, exclusion of vulnerable groups, and technological dependence. The limited and non-representative sample limits generalization, suggesting the need for broader surveys. Enhanced public policies promoting digital financial education in Brazil are recommended.

Suggested Citation

  • Natali Morgana Cassola & Kalinca Léia Becker & Kelmara Mendes Vieira & Maria Fernanda da Silveira Feldmann & Mariana Rodrigues Chaves & Iasmin Camile Berndt & Anna Febe Machado Arruda, 2025. "Digital Finance Adoption in Brazil: An Exploratory Analysis on Financial Apps and Digital Financial Literacy," JRFM, MDPI, vol. 18(10), pages 1-17, October.
  • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:10:p:560-:d:1764196
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    References listed on IDEAS

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    4. Georgios A. Panos & John O. S. Wilson, 2020. "Financial literacy and responsible finance in the FinTech era: capabilities and challenges," The European Journal of Finance, Taylor & Francis Journals, vol. 26(4-5), pages 297-301, March.
    Full references (including those not matched with items on IDEAS)

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