Framework of Digital Financial Literacy Dimensions in Indonesia

Abstract

The rapid development of financial technology (Fintech) is happening in this digital age and become the reason why individuals should be equipped with digital financial literacy. Fintech will help our financial activities but will become a big risk if we don’t have the basics of Digital Financial Literacy. Many phenomena happen in Indonesia, such as being trapped in online lending, data fraud, and others due to the lack of digital financial literacy. The main issue is that Digital financial literacy doesn't have a standardized definition, measurement, or set of dimensions, and it becomes hard to enhance the level of its level in Indonesia. Every country, including Indonesia, has its own dimensions. This research fills the gap by determining the framework of dimensions of Digital Financial Literacy in Indonesia using Qualitative Semi-Structured Interviews. The study's findings determine digital financial literacy framework in Indonesia dimensions consist of Digital Financial Risk control, Awareness of Digital Financial Services, Ability to use Digital Financial Applications, and Awareness of positive financial attitudes and behavior. The outcome of this research would benefit the general public, academicians, practitioners, and the government to face the rapid growth of Fintech by enhancing and determining by measuring the dimensions of the level of Digital Financial Literacy in Indonesia