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Digital Financial Literacy Challenges and Issues: Case in Indonesia

Arinda Mentari Putri, Sudarso Kaderi Wiryono, Sylviana Maya Damayanti, Raden Aswin Rahadi

Institut Teknologi Bandung, Indonesia


The Digital Era is related to the development of Financial Technology (Fintech), and the COVID-19 pandemic boosted this development. With this rapid development, a new crucial phenomenon like being trapped in many lending and investments using their daily money happens. In the digital age, financial literacy is increasingly important things. Unfortunately, in this digital era, the phenomenon level of people’s financial literacy is not enough. With the development of digital financial services, the importance of digital financial literacy is necessary. Digital financial literacy characteristics are unique in every country, and so are the challenges and problems with digital financial literacy, including in Indonesia. The main purpose of this research is to determine the challenges and issues of Digital Financial Literacy in Indonesia, which will fill the gap of a few research of a new field in Digital financial literacy. The method used is qualitative with semi-structured interviews. Through Qualitative methods, researchers can answer “what is the issues and challenges and have the flexibility to do exploratory research. The data collection of this research uses triangulation of secondary and primary data between literature review and semi-structured interviews. The study finds Eight challenges of Digital financial Literacy in Indonesia: laziness, people finding out new information and knowledge, issues with financial applications for the wrong purposes, people not caring and not planning, and others. With these, the government, role players, and companies can focus on enhancing Indonesia's digital financial literacy level by solving the issues and the challenges.



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