Accessible Digital Financial Education for Inclusive Life-Skill Learning: Financial Literacy and IPO Awareness

Abstract

With the growth of digital payments, online banking, insurance services, investment platforms, and other financial products, there is a growing demand for digital financial education that can be easily accessible. Greater financial access does not necessarily lead to financial knowledge, financial confidence, financial safe participation and/or financial informed decision making. Rural learners, women, low-income groups, older people, low educated and learners needing accessible formats may have access constraints in understanding and effectively utilizing digital financial services. The article looks at the concept of accessible digital financial education as a way to reinforce inclusive financial education and initial public offering (IPO) awareness, in a life skill learning context. The study includes secondary empirical data on financial knowledge, financial behaviour, access, inclusion and financial-product participation, and adopts a descriptive and policy analytical approach. These results suggest that the level of basic banking services is much better developed than financial literacy, financial inclusion, and participation in capital markets. While IPO awareness is not directly measured, the low level of participation in the capital market suggests that an IPO introductory education is needed on the processes of IPOs, risks involved in investing in the capital market, misleading claims, disclosure requirements and investor protection. Financial literacy must therefore be considered as an educational product that should be taught and learned as a whole and not just as a knowledge of banking services. Digital financial education should be delivered in plain language, in regional language, with audio-visual materials, mobile learning, demonstration with guidance, easy-to-use interfaces, with the principles of digital safety, and in accessible format for people with disabilities. These can serve to help a range of learners develop from being basic financial access users towards becoming more confident, safe and knowledgeable in financial participation.