Digital financial literacy and the utilization of digital financial tools of college students in Calapan City

Digital financial literacy has become an essential factor in managing personal finances, especially with the growing use of digital financial tools among students. This study examines how digital financial literacy impacts the use of digital tools like GCash, PayMaya, and PayPal among college students. The sample consisted of 372 students from selected higher education institutions (HEIs) in Calapan City, Oriental Mindoro, Philippines. A multi-stage sampling technique was applied, incorporating stratified random sampling for proportional representation across HEIs and purposive sampling to focus on students with exposure to digital financial tools. The analysis revealed a significant correlation between digital financial literacy and responsible financial behaviors, such as controlled spending and regular saving. Students with higher literacy levels were found to be more skilled in utilizing digital financial tools for effective financial management. The study emphasizes the need for digital financial literacy programs to bridge existing gaps and enhance students’ financial behavior. It recommends incorporating digital financial literacy into HEI curricula and offering workshops to improve students’ financial management skills with digital financial tools.