Considering susceptibility of individuals to digital finance as a factor of increasing its prosperity

Abstract

The analysis of trading volumes of financial assets of FEC in Russian Federation for the part of private investors has demonstrated that the interest of individuals in the financial markets had increased in 2020. Society's susceptibility to digital finance is closely related to digitalization of brokerage services, which is realized through making adopted for mobile digital platforms and digital products users. Low level of digital literacy of individuals in common on the territory of Russian Federation was not an impediment to growth of digital competences in 2020. The share of brokerage accounts of individuals on Moscow Exchange (MOEX) has increased by 193% in 2020 due to that individuals are looking for alternative ways to save their personal savings against the background of increasing digital financial literacy among the working-age population. Russian brokers are improving the quality of their information and analytical digital resources that aggregate large amounts of statistical information for wide access for interested private investors who have developed digital competencies and want to improve their financial and investment literacy.

Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends

“…Users lacking DFL face various challenges, including transactional difficulties, financial losses and privacy breaches. Moreover, Su et al [222] and Divaeva et al [223] outlined the role of digital literacy in influencing decisions related to stock markets, digital market participation and e-commerce adoption. These studies collectively explain the multifaceted impact of DFL on various aspects of individuals' financial behavior and outcomes.…”