International Journal of Science, Engineering and TechnologyAuthors: Jag Pratap Singh Yadav
Abstract: Financial literacy and digital economy inclusion are now important components of economic development. Financial service providers have slowly started shifting towards digitization over time, and being in line with such a trend involves not just understanding the basics of budgeting, savings, inflation, interest, among others, but also requires skills on how to manage finances using mobile banking apps, digital money transfers, internet loans, algorithmic credit scores, and platform economics. The study of mathematics helps in understanding financial decisions and digitization because they rely on calculations, probabilities, optimality, and statistics. This paper explores financial literacy and digital economy inclusion in relation to mathematics. Mathematical reasoning lies at the foundation of our knowledge of how interest is accumulated, debt management, consumer investment behavior, risks, pricing, digital money transactions, and economic inequality. In passing, it is the same reason why mathematical modeling enables us to think of financial capability analysis, detecting inequalities, promoting consumer empowerment, and designing inclusive policies. It addresses problems such as inadequate numeracy skills, the obscure nature of algorithms, and disparities in infrastructure availability. What is implied by all this is that, in order for someone to be able to participate in the digital world and ensure financial inclusion is not only about access to financial instruments but more of economic empowerment, there should be a focus on mathematics.
DOI: https://doi.org/10.5281/zenodo.20034259
