How Digital Technologies Affect Consumers’ Financial Behavior
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The aim of this study is to determine in which direction the saving and borrowing behavior of individuals is changing in the context of digitalization. The research methodology is based on an analysis of the influence of two levels of digitalization: access to digital technology and the availability of digital skills. Using a probit model, we assessed the likelihood of saving and borrowing behavior by incorporating digital technologies into the theoretical model. Marginal effects were calculated to interpret the results of the savings and borrowing behavior model. The results of the study show that digital technologies increase the likelihood of financial behavior in low-income, middle-income, and high-income countries. Moreover, digital skills increase the likelihood of savings behavior and borrowing behavior by 20% and 19%, respectively. Digital technologies stimulate both saving and borrowing behavior, a result that has implications for public policy designed to enhance the saving behavior of different groups of the population by income quantiles.
keywordsFinancial behavior, Digital skills, Saving behavior, Borrowing behavior, Financial literacy.
Biografia degli autoriJulia Varlamova, Ph.D. in Economics, Natalia Larionova, Ph.D. in Economics, Olga Kukushkina, Ph.D. in Economics, Kazan Federal University, 18 Kremlyovskaya Str., Kazan, 420008, Russian Federation. Email Varlamova: firstname.lastname@example.org. Email Larionova: email@example.com. Email Kukushkina: firstname.lastname@example.org.
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