Understanding Digital Financial Literacy and Service Awareness among Adults in Sikkim: A Regional Perspective

Abstract

Digital financial literacy refers to the knowledge and skill required to effectively manage one’s financial affairs using digital tools and platforms. This paper aims to study the digital financial literacy levels among adults in Sikkim. For the purpose of this study four variables have been considered into account such as knowledge on digital finance, skill towards digital financial services, awareness of digital financial services and product and attitude towards digital financial services. The sample for the study is taken from 200 adults of Sikkim. The data is collected from all six districts of Sikkim and it was analyzed with the help of descriptive and inferences statistics. Data analysis methods such as factor analysis and relevant statistics tools have been utilized. The results reveal that skill related to processing and utilization of financial products, knowledge on savings and investment and practical approach towards financial knowledge are the major determinants of Digital Financial Literacy among adults in Sikkim.