An Investigation Into The Digital Financial Literacy Of Employed Individuals In Rural India: A Case Study Focusing On Mayurbhanj District

Abstract

Objective: The present study analyzed the level of digital financial literacy of salaried persons working in the Mayurbhanj district of Odisha. It also aimed to explore online threat experience, benefits, and barriers of digital payments.

Methodology: Digital financial literacy was measured using three basic factors: knowledge and usage of digital financial services, awareness of digital financial risk, and self-protection. For the measurement of digital financial literacy, 120 samples were selected using the purposive sampling method and data were collected using the structured questionnaire. Out of the collected data, 16 filled-up questionnaires were rejected due to insufficient information, and 104 valid responses were used for the analysis. The data were analyzed using SPSS.

Results: Through the survey, it was found out that only 21.2 percent of respondents have high digital financial literacy levels whereas 27.9 percent of respondents have average digital financial literacy and 51 percent of respondents have low levels of digital financial literacy. During the survey, it was also found out that 10.6 percent of respondents have been victims of digital financial fraud and phishing scams are common among other scams with 19.2 percent.

Conclusion: Digital financial literacy is one of the very basic skills that is required to be acquired by everyone in this digital era. 94.2 percent of the respondents have received scam messages. When scam messages are on the rise, Digital financial literacy can help in reducing phishing victimization