Financial literacy and digital literacy: Intertwined issues of increasing importance

Even in developed countries there is a growing need to improve financial literacy together with digital literacy. The risks of financial exclusion and of being a victim of fraud and scam for less digitally educated people (such as elderly and poor people with lower use of digital devices and therefore with less experience and confidence) have increased in the fintech era. Therefore, financial literacy education programs must also emphasize digital knowledge, behavior, and attitude. Our chapter analyses the growing attention paid to these two issues by international organizations and national bodies and how they are intertwined. It provides a picture of the actual situation and gaps among European countries in the levels of literacy. Then it studies how the literature approaches the issues of financial literacy and digital literacy. Finally, we discuss how initiatives aimed at promoting financial and digital literacy have to be coordinated in order to produce a multiplier effect. The Italian model for coordinating initiatives in these fields and multiply their effects can be a good benchmark