Transformations  in
Business & Economics

FINANCIAL EXCLUSION FROM THE PERSPECTIVE OF FINANCIAL LITERACY IN THE DIGITAL WORLD OF THE 21ST CENTURY THROUGH THE EXAMPLE OF HUNGARY⁴
Agnes Csiszarik-Kocsir, Csaba Lentner

ABSTRACT: The turbulent changes of the 21st century have affected all aspects of our lives. The digital revolution, driven by the fourth industrial revolution, has created new platforms for economic players to work, interact socially and administer. However, preparedness for digitalisation and thriving in the digital space is not a basic skill for all sectors, and there are significant differences between generations. All of this feeds into another key problem of the 21st century, which is called financial exclusion. Access to the digital space varies significantly across countries, regions within countries and generations. The objective of this paper is to examine the phenomenon of financial exclusion and the problems that arise from it, paving the way towards possible solutions.

KEYWORDS:  financial exclusion, digitalization, financial literacy, Hungary.

JEL classification:  A20, I22, G53.

⁴Acknowledgments:  The study was supported by the Széll Kálmán Public Finance Lab. of the University of Public Service.