THE RELATIONSHIP BETWEEN FINANCIAL LITERACY AND MEDIA

Abstract

In contemporary society, rapid technological advancement is accompanied by an expanding diversity of financial products. To manage their incomes effectively and to make informed choices among increasingly complex financial instruments, individuals require a robust foundation of financial knowledge; this need is directly associated with the level of financial literacy. Financial literacy is critically important not only for individual welfare but also, at a macro level, for the economic performance of countries. As a determinant of society’s future, financial literacy should be assessed in conjunction with social media, which exerts a substantial influence on decision-making processes. Social media—regarded as one of the most significant technological breakthroughs encompasses a range of services that extend beyond mere information sharing. Access to various forms of financial information can rapidly reach broad audiences through social media channels. It is evident that the diffusion of financial literacy across society requires the implementation of targeted educational programs. Education constitutes the primary pathway to achieving financial literacy. However, the design and execution of effective programs depend first and foremost on accurately identifying the scope and content of educational needs; indeed, the literature demonstrates that different segments of society exhibit distinct financial literacy requirements. The findings of this study will facilitate the development of such programs; moreover, by examining the influence of media and social media, it will become possible to leverage these platforms more effectively to strengthen financial literacy. Both the importance and the volume of research focused on financial literacy are increasing. The principal aim of the study is to elucidate the impact of media on financial literacy.