Financial Literacy as a Driver of Sustainable Socio-Economic Development in the Context of Digital Transformation

Abstract

The article considers financial literacy as an important factor of sustainable socio-economic development in the context of global digital transformation. The rapid development of financial technologies, platform economy, artificial intelligence, blockchain technologies, and decentralized finance (DeFi) has significantly changed the architecture of financial markets and consumer financial behavior models. In these circumstances, the ability of the population to effectively and safely use digital financial instruments is becoming a key condition for the financial stability of households and the stability of the financial system. According to the OECD/INFE (2023), only about 29% of the adult population achieve a minimum level of digital financial literacy, which indicates that there is a significant gap between the technological development of the financial sector and the level of financial competence of users. The study systematizes modern theoretical approaches to understanding financial literacy and analyzes its evolution under the influence of fintech innovations, artificial intelligence technologies and digital assets. Special attention is paid to new competencies necessary for secure interaction with cryptocurrencies, robo-consultants, embedded finance systems and open banking tools. It is proved that the development of digital financial literacy helps to reduce the financial vulnerability of the population, expand access to financial services and form an inclusive digital economy. The results of the study show that investments in the development of digital financial competencies of the population form a multiplier effect for economic growth and improving the financial well-being of society.