Digital Innovation and Financial Literacy Are the Foundations of a Sustainable Economy

Neven Šipić – Zagreb Business School, Ulica gr. Vukovara 68, 10000 Zagreb, Croatia

Dijana Vuković – University North, Jurja Križanića 31b, 42000 Varaždin, Croatia

Fani Kerum – Doctoral Centre “Doctorate Paneuropean Studies”, Campus 2, 7000 Eisenstadt, Austria

Abstract: In modern society, financial literacy and digital innovation are becom­ing increasingly important for creating a sustainable economy. As technology evolves rapidly, understanding basic financial concepts and being able to manage one’s finances are becoming crucial for individuals and communities. This paper investigates the role of these elements on a sample of 642 respondents of different ages, to define their influence on sustainable economic development. The results show that financial literacy is essential for individuals in managing their own finances, which affects their ability to make informed decisions. Respondents who had a better understanding of basic financial concepts had a greater tendency to adopt digital tools, which enabled them to manage resources more efficiently. Also, research has shown that digital innovations, such as mobile applications for financial management and online investment platforms, play a significant role in fostering financial literacy. Connecting digital solutions with financial knowledge creates a synergy that can contribute to sustainable development through increased economic stability and responsible management of resources.

8th International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2024 – Conference Proceedings, Hybrid (Zayed University, Dubai, UAE), October 24, 2024

ITEMA Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ITEMA conference partners: Faculty of Economics and Business, University of Maribor, Slovenia; Faculty of Organization and Informatics, University of Zagreb, Varaždin; Faculty of Geography, University of Belgrade, Serbia; Institute of Marketing, Poznan University of Economics and Business, Poland; Faculty of Agriculture, Banat’s University of Agricultural Sciences and Veterinary Medicine ”King Michael I of Romania”, Romania

ITEMA Conference 2024 Conference Proceedings: ISBN 978-86-80194-89-9, ISSN 2683-5991, DOI: https://doi.org/10.31410/ITEMA.2024

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