Enhancing Financial Literacy through Digital Programs A Comprehensive Guide using WASPAS Method

Abstract

Enhancing financial literacy through digital initiatives is a pivotal strategy in today's technology-driven world. These projects offer accessible and interactive education, utilizing technology to deliver content and empower individuals to effectively understand and manage finances. They encompass various tools such as mobile applications, online courses, and interactive simulations, catering to diverse learning styles and preferences across different demographics and professional levels. Covering topics ranging from budgeting, saving, investing to credit management, these programs often incorporate gamification elements to make learning engaging and motivate users to participate seriously in their financial education. Overall, digital initiatives for financial literacy play a crucial role in democratizing access to financial knowledge, equipping people with the skills required to navigate the complex financial landscape and make informed decisions to achieve financial well-being. Research in personal financial management is imperative to address the significant challenges individuals face, including financial struggles, debt accumulation, and poor decision-making. Such research contributes significantly to combating the widespread problem of financial illiteracy by identifying effective strategies and tools tailored to diverse levels of financial literacy among people. Moreover, digital projects offer scalability and accessibility, enabling wider outreach, especially to marginalized communities with limited access to traditional financial education resources. By designing, implementing, and evaluating digital initiatives, researchers can assess their impact on reaching and engaging with underserved populations, thereby enhancing financial inclusion and equity. The WASPASS (Weighted Aggregate Product Assessment) technique yields two significant contributions, particularly through the expertise-driven evaluation of a new technique and the freshly developed LNN WASPAS version, which incorporates numerous criteria selections, thereby enhancing the sector. Seven experts primarily evaluate this version based on nine criteria. Interactive Online Modules, Virtual Workshops, Mobile App, Community Forum and Mentorship Program. Content Quality and Relevance, User Engagement and Interactivity, Effectiveness and Learning Outcomes and Accessibility and Scalability. Analysis in WASPAS Using the method of digital financial literacy programs shows the result. For the mentoring program Got First Grade, the mobile app is ranked low.