FINANCIAL LITERACY, FINANCIAL INCLUSION, AND DIGITAL LITERACY: A SURVIVAL KIT DURING THE COVID-19 ECONOMIC TURBULENCE

• Main Author: Sastrina Indrasari, Elizabeth
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/66130
• Institution: Institut Teknologi Bandung

The economic turmoil caused by COVID-19 pandemic has driven regulators and financial services to move towards financial technology to offer better, more efficient financial transactions that are also comply with the government’s health policies. These escalations are interrelated between the innovation itself and the users, categorized into three main aspects: financial literacy, financial inclusion, and digital literacy. Although these three indexes have been showing a confident rise per fourth quarter of 2021, this condition should not be treated as an absolute win against the pandemic turbulence and must be cautiously reviewed to prevent further downfall in personal finance. Therefore, this research applied the systematic review with a qualitative approach to compare evidence of financial literacy, financial inclusion, and digital literacy in Indonesia during the COVID-19 pandemic. It was found that financial inclusion is way higher than both financial and digital literacy index, with uneven distribution of financial inclusion across the country. However, the implementation of those variables has not been completely approached using sustainability viewpoint and therefore it is a joint responsibility for all stakeholders including individuals, financial services, and policymakers to elevate those towards inclusivity and sustainability to better promote eco-living and environmental long-term strategies.