THE IMPORTANCE OF FINANCIAL LITERACY IN THE DIGITAL AGE

In the modern world, technology has completely transformed how people manage, spend and invest their money. Online banking, digital wallets and investment platforms are now widely accessible anytime all over the world giving individuals unprecedented control over their finances. With these developments the need among the people to have better financial literacy skills has also increased.

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In today's world, it is important to know how to use these digital tools responsibly to avoid falling to financial traps such as cybersecurity threats, impulsive spending and the potential for excessive debt.

In order to navigate this digital landscape effectively individuals must develop strong financial literacy skills. Financial literacy enables people to make informed decisions, identify potential risks and make use of available opportunities without sabotaging their financial stability.

Financial literacy talks about the knowledge and understanding of key financial concepts that allow individuals to make proper financial decisions. In the digital age financial literacy has become even more crucial due to the widespread adoption of digital financial (FinTech) products and services.

Access to digital bank accounts, mobile banking and online investment platforms has made it easier for people to manage their money virtually anywhere. However, the convenience of these tools can sometimes push impulsive spendings and purchasing while losing track of finances.

Additionally, cybersecurity risks such as identity theft and phishing attacks have become more prevalent with the ease of access to finances. To counter these challenges banks and institutions have come up with safe online tools to stay vigilant against these potential situations.