Analyzing the influence of socioeconomic variables on digital financial inclusion among Filipino individuals

• Main Authors: Ignacio, Abigail Athanrelle S., Janairo, Jaime Miguel N., Madonza, William Jefferson C., Tiu, Mary Joy P.
• Format: text
• Language: English
• Published: Animo Repository 2023
• Subjects: Financial services industry—Philippines; Finance and Financial Management
• Online Access: https://animorepository.dlsu.edu.ph/etdb_econ/56; https://animorepository.dlsu.edu.ph/context/etdb_econ/article/1068/viewcontent/Analyzing_the_influence_of_socioeconomic_variables2_on_digital_fin.pdf
• Institution: De La Salle University

This study looks into the socioeconomic variables of Filipino individuals and how these variables influence their access to and use of digital financial services. It aims to determine the current state of digital financial inclusion, specifically whether an individual’s gender, age, income, educational attainment, or workforce participation significantly affects his or her access to and use of digital financial services. This study extends the analysis by investigating the interaction between particular socioeconomic variables that come into play when it comes to accessing and using digital financial products and services among Filipinos. This study utilizes the 2021 World Bank Global Findex Database. Probit regression models are used to estimate the effects of the determinants of digital financial inclusion, including the interaction between gender and educational attainment and gender and workforce participation. The empirical results find that age, educational attainment and workforce participation show a positive and significant effect on access and use of digital financial services. Taking the interaction variables into consideration, the study also finds that being a female with primary education or less, a female with tertiary education or higher, and a female who is part of the workforce have no significant effect on the access and use of digital financial services.