The impact of financial literacy on finance and economy: A literature review

Bunyamin, Mubarokah and Abdul Wahab, Norwazli (2022) The impact of financial literacy on finance and economy: A literature review. Labuan Bulletin of International Business and Finance (LBIBF), 20 (2). pp. 49-65. ISSN 2600- 7894. (Published)

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Financial literacy encourages individuals and society to improve their financial well-being. Hence, increase their capabilities to take part in economic life. This paper aims to investigate the impact of financial literacy on finance and economy. An extensive review of financial literacy literature is carried out, with a specific attention on its correlation with financial and economic aspects. This study unveils that financial literacy gives impacts on personal financial decisions, behaviour, saving and retirement, investment, financial risk tolerance, business, and national economy. This paper will be useful to economists and technologist about the importance of financial literacy with the suggestions on the role of financial technology (FinTech) in enhancing financial literacy, thus financial well-being as well as overall well-being towards industrial revolution 4.0 (IR 4.0).

Item Type: Article
Uncontrolled Keywords: Financial literacy; Financial decision; FinTech
Subjects: H Social Sciences > HG Finance
Faculty/Division: Faculty of Industrial Management
Institute of Postgraduate Studies
Depositing User: Dr. Norwazli Abdul Wahab
Date Deposited: 06 Jan 2023 04:12
Last Modified: 06 Jan 2023 04:12
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