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Digital Financial Literacy among College-Going Students: Awareness, Usage, and Challenges in the Digital Era

Authors: 

-Dr. Pradeep Kumar Asthana-Assistant Professor, Amity Business School, Amity University, Chhattisgarh, E-mail: - pkasthana@rpr.amity.edu

 - Kumkum Pandey- Student, Amity Business School, Amity University, Chhattisgarh,

E-mail: - kumkumpandey1416@gmail.com

ABSTRACT: In today's fast-evolving digital world, financial services and digital literacy have become more accessible than ever. It’s a necessity-among the youth, especially college-going students, the use of digital tools is almost inseparable from daily life. With just a few taps on a smartphone, one can transfer money, pay bills, invest, or even apply for loans. This shift has been widely adopted by the youth, who are among the most active users of digital platforms. However, while usage is high, the actual understanding of how digital finance works — along with its risks and responsibilities — often remains low.

This research paper explores the current level of digital financial literacy among college students, focusing on their awareness, usage behavior, challenges faced, and cybersecurity understanding. A sample of 100 students from various academic backgrounds was surveyed through a structured questionnaire. It includes a literature review, primary data insights, and critical analysis, recommendations include integrating digital education into curricula and increasing digital awareness campaigns

The study found that although students are generally comfortable using technology, use apps like UPI, e-wallets, and digital banking frequently, many lack proper knowledge of investment options, fraud risks, and safe online financial practices. Gaps remain in understanding digital safety, evaluating information, and using digital tools productively.

The findings point to the need for financial education programs that go beyond textbook theory and teach students real-world money skills. By improving digital financial literacy, we can empower young adults to make smarter, safer financial decisions that will benefit them long after they leave college.

KEYWORDS: Digital Literacy, College Students, Awareness, Internet Usage, Digital Safety, Online Education, Challenges