AN EXPLORATORY STUDY ON CHALLENGES FACED BY INDIVIDUALS IN ADOPTION OF DIGITAL FINANCIAL LITERACY: Submitted: June 25, 2024, Revised: July 05, 2024, Accepted: July 18, 2024,      https://doi.org/10.56815/IJMRR.V3I3.2024/139-147

PRASAD ARUN DANDEKAR; SATISH MISHRA

Authors

PRASAD ARUN DANDEKAR Research Scholar, R.G. Bagdia Arts, S.B. Lakhotia Commerce and R. Bezonji Science College, Jalna, India.
SATISH MISHRA M.Com, B.Ed, R.G. Bagdia Arts, S.B. Lakhotia Commerce and R. Bezonji Science College, Jalna, India.

Keywords:

NVIVO, Text Mining, Word Cloud, Digital Financial Literacy, DFL

Abstract

The knowledge and abilities needed to use digital financial tools and services in an efficient and secure manner are included in digital financial literacy. It is critical to comprehend and overcome the challenges to digital financial literacy as digital financial services, like online payment methods, digital wallets, and mobile banking, become more and more essential to contemporary financial management. Text mining technique using qualitative tool NVIVO 12 has been used to explore the challenges faced by individuals in adoption of digital financial literacy. The findings of the study indicated that the challenges faced by individuals in adoption digital literacy are Lack of Trust, Cost of Internet, Lack of Technology, Security concern, no digital skill training and Lack of Community support can be described as major challenges. Whereas, Low education level, Fear of Fraud, Language Barrier and Resistance to change as minor challenges.