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From Apps to Savings: The Role of Fintech in Enhancing Financial literacy and Saving Strategies Among Young Adults
Almeshal, Mashael
Almeshal, Mashael
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Abstract
The financial services industry has undergone a massive transformation due to the development of financial technology, or FinTech, which has increased financial inclusion and improved efficiency. To avoid fraud and mistakes, consumers must be more financially literate in order to use FinTech effectively and safely. A mix-methods approach was adopted in this study, combining a structured questionnaire with a systemic literature review. The secondary data findings of this study showed that majority of university students had extensive knowledge in digital financial services and products and were knowledgeable of the risks associated with them, such as cybersecurity threats and fraudulent schemes. This indicates a high level of awareness in certain areas of digital finance. However, students demonstrated only a moderate understanding of consumer rights, grievance processes, and digital financial risk control mechanisms, highlighting a gap in comprehensive digital financial literacy. Despite these limitations, most students expressed a strong willingness to continue using FinTech goods and services, pointing to their trust in and reliance on digital financial platforms. The findings suggest that students are more inclined to utilize FinTech services if they have a better understanding of risk management strategies, digital financial products, and their rights as consumers. Targeted educational efforts focused on these areas could enhance the responsible and effective use of FinTech tools among young adults.