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The intersection of digital safety and financial literacy: Mitigating financial risks in the digital economy
1 Master of Science in Econometrics and Quantitative Economics, Department of Agricultural and Applied Economics, University of Georgia. USA.
2 MBA, Washington University in Saint Louis, USA.
3 Department of Computer Science, Faculty of Engineering and Informatics, University of Bradford, UK.
4 Department of Economics and Finance for Development, University of Bradford, United Kingdom.
5 Department of Finance/Bank Analyst, Nigeria Deposit Insurance Corporation (NDIC), Abuja, Nigeria.
Review
International Journal of Science and Research Archive, 2024, 13(02), 673–691.
Article DOI: 10.30574/ijsra.2024.13.2.2183
Publication history:
Received on 03 October 2024; revised on 09 November 2024; accepted on 11 November 2024
Abstract:
As the digital economy continues to expand, individuals and businesses alike face an increasing range of financial risks, from cybercrime to online fraud. The intersection of digital safety and financial literacy is essential in addressing these risks and ensuring individuals can navigate the complexities of modern financial systems securely. This paper examines the growing need for financial literacy in the context of digital safety, focusing on how individuals can protect themselves from financial threats in the digital economy. It explores the role of digital security measures, such as encryption, secure payment systems, and multi-factor authentication, in safeguarding financial transactions and personal data. Simultaneously, it emphasizes the importance of financial education in equipping individuals with the knowledge and skills to recognize and mitigate online financial risks, such as phishing scams, identity theft, and fraudulent investment schemes. By analysing the current state of digital financial literacy, this paper highlights the gaps in knowledge that leave individuals vulnerable to financial exploitation in the digital space. It also discusses best practices for integrating digital safety education into financial literacy programs, both at the individual and policy levels. Furthermore, the paper outlines the responsibilities of financial institutions, tech companies, and governments in promoting digital safety and financial literacy. Through a multidisciplinary approach, the paper argues that fostering a comprehensive understanding of both digital security and financial management is crucial for mitigating financial risks and enhancing economic resilience in the digital economy.
Keywords:
Digital Safety; Financial Literacy; Cybersecurity; Financial Risks; Digital Economy; Online Fraud
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
