PACIS 2020 Proceedings


Most Financial Literacy (FL) Measurements focus on savings and investments decisions, as it is geared towards retirement planning. Consequently, most adults around the world are classified as financial illiterate (FI). Billions of individuals belonging to low-income populations (LIPs) do not have the means to plan for retirement. Regardless, they are often measured through the same FL Measurements (FLMs) and classified as FIs. LIPs are not necessarily incapable of making financial decisions, but FLMs do not necessarily fit their context, making it an inappropriate measurement. Moreover, FinTech is increasing the financial options that LIPs have. It is thus relevant to create an appropriate measurement that addresses this inadequacy. This paper is a first step towards the creation of a measurement called “Financial Awareness” that is geared towards LIPs who access financial services (FS) through Information Communication Technologies (ICTs).



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