Global Digital Financial Literacy, Gender Disparities, and Investment Behavior in Higher Education: A Conceptual and Comparative Review
Keywords:
Digital Financial Literacy, Investment Behavior, Higher Education Students, Financial Technology (FinTech), Digital Inclusion, Financial Decision-Making, Global Financial EducationAbstract
The rapid digital transformation of financial systems has significantly reshaped investment participation among higher education students, positioning Digital Financial Literacy (DFL) as a critical competency in contemporary financial ecosystems. This comprehensive review synthesizes global literature to examine the relationship between digital financial literacy, FinTech adoption, and investment behavior within higher education contexts. The study integrates perspectives from financial literacy theory, technology adoption models, and behavioral finance to develop a multidimensional conceptual framework that links financial knowledge, digital competencies, risk perception, and self-efficacy to responsible investment practices. The review identifies substantial regional disparities in digital financial education, highlighting structural differences between developed and developing economies in terms of infrastructure, regulatory preparedness, curriculum integration, and institutional support. Additionally, emerging evidence underscores persistent gender-based differences in digital financial engagement, particularly in behavioral dimensions of investment participation. While higher DFL is consistently associated with improved risk assessment, diversification strategies, and long-term planning, inadequate digital competencies amplify exposure to speculative trading, cognitive biases, and cybersecurity risks. The findings emphasize the necessity of structured, gender-inclusive, and institutionally supported digital financial education programs to enhance responsible investment behavior and foster inclusive financial participation in a technology-driven global economy. Future research directions include longitudinal analyses, cross-country empirical validation of the proposed framework, and deeper examination of behavioral moderators in digital financial decision-making.
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