Revenue Journal: Management and Entrepreneurship, vol. 1 (2), pp. 135-141 , 2024
Received 15 August 2023 / published 15 Jul 2024
https://doi.org/10.61650/rjme.v2i1.470

Technology-mediated education for
marginalized populations: financial
literacy gap
Asri Jaya
Muhammadiyah University of Makassar, Indonesia
* Corresponding author: madhusami1000@gmail.com

KEYWORDS
Developing countries
Financial Education
Financial literacy
Marginalized population s
Technology-mediated

ABSTRACT A person's financial attitude includes thoughts, attitudes, and self-confidence in
managing money. A positive financial attitude is essential for responsible financial behavior
and long-term well-being. Financial literacy includes financial behavior and consequences,
not just information and skills. Technology in financial education has the potential to reduce
the picture of financial literacy in developing countries. This research explains how
technology-mediated financial education can be flexible, cost-effective, and adaptable, and
reach communities underserved by financial services. This research also identified barriers
such as inadequate infrastructure, limited access, and language and cultural barriers.
Through extensive literature insights from various sources such as "ABInform", "EBSO
Host", "Emerald", "Google Scholar", "Science Direct", "ProQuest", "Web of Science", and
"ERIC", this research strives for digital inclusion and reduced financial literacy. The findings
of this study suggest that although technology can be an effective tool, there is an urgent
need for a thorough assessment of the long-term consequences and examination of
comparative distribution techniques. This research emphasizes the need for further
investigation to understand the impact of limited access to technology on financial literacy
among marginalized communities.
© The Author(s) 2024

1. INTRODUCTION
Technology-mediated financial education has great
potential to improve financial literacy among
marginalized populations. However, previous
research suggests that there are several significant
challenges to the implementation and effectiveness
of this approach (Kawamura, 2021; Rieger, 2020).
One of the main challenges is inadequate
infrastructure in developing countries (Ouachani,
2021; Swiecka, 2020). According to research
conducted by the World Bank (2018), many remote

areas still lack access to the internet and adequate
technological devices, which hinders technologybased education efforts (Ahunov, 2020; Zulaihati,
2020). In addition, research by UNESCO (2019)
shows that the cost of accessing technology is still a
big obstacle for low-income families.
Apart from infrastructure challenges, limited access
is also a major problem in technology-mediated
education. A study by The Economist Intelligence

Unit (2020) revealed that despite improvements in
internet access worldwide, there is a significant
digital divide between different groups of society.
Marginalized populations often do not have the
same access to technology compared to other
populations. This is compounded by language and
cultural barriers that make much technology-based
financial education material irrelevant or difficult to
understand for these groups. Research by the OECD
(2017) shows that financial literacy among
marginalized population groups is often lower due
to a lack of resources available in their language and
cultural context.
Research on technology-mediated financial
education for marginalized populations has several
strengths that are important to note. First, the use
of technology in financial education can improve
learning (Bottazzi, 2021; Klein, 2022). This allows
students to access materials anytime and anywhere,
which is especially important for those with time
and mobility limitations (Morgan, 2020; Widyastuti,
2020). The study conducted by Zhang et al. (2016)
shows that technology-based learning can increase
learning engagement and motivation, especially
among hard-to-reach populations.
Second, technology-mediated financial education
tends to be more cost-effective compared to
traditional methods (Ameer, 2020; Goyal, 2021).
Research by Molinari et al. (2018) shows that
technology-based financial education programs can
reduce operational costs by up to 50% compared to
face-to-face programs. This is very relevant for
developing countries that have limited budgets for
education (Pan, 2020; Watanapongvanich, 2021).
Additionally, technology allows for wider and faster
dissemination of information, which can help reach
marginalized populations more efficiently.
Third, technology in financial education can easily
adapt to individual needs. For example, adaptive
learning programs can adjust material based on
each participant's level of understanding and
learning pace. Research by Johnson & Sampson
(2019) shows that this approach can significantly
improve
learning
outcomes.
Additionally,
technology also enables the integration of different
languages and cultures, which is especially
important in the context of diverse populations.
Empirical evidence from previous research
supports the importance of technology-mediated
financial education. For example, Lusardi and
Mitchell's (2014) research found that better
financial literacy significantly jeopardizes better
financial management and economic well-being.
However, this research also highlights the large gap
in
financial
literacy
among
marginalized
communities. Therefore, appropriate interventions
136

through technology can help reduce this gap and
increase financial inclusion.
Technology-mediated financial education has great
potential to address financial literacy gaps, especially
among marginalized populations. In the current
digital era, the use of technology in education can
provide wider and more efficient access to
individuals who were previously unreachable by
conventional education programs. Technology can
offer a snap in time and place, allowing participants
to learn at their own pace and availability. This is
especially important for populations who may have
limited time, physical access to educational
institutions, or economic conditions that prevent
them from pursuing formal educational programs.
However, although technology offers promising
solutions, various barriers must be overcome to
ensure effective and inclusive implementation.
Inadequate infrastructure, such as lack of internet
access or adequate devices, can be a major barrier. In
addition, language and cultural barriers also need to
be considered, because educational materials that
are not appropriate to the local context can reduce
the effectiveness of financial education programs.
Therefore, adapting content and delivery methods to
suit local needs is critical to the success of this
program.
This research aims to disseminate how technologymediated financial education can be implemented
effectively to reduce the financial literacy gap in
marginalized population groups. Through extensive
literature insights from various sources such as
"ABInform", "EBSO Host", "Emerald", "Google
Scholar", "Science Direct", "ProQuest", "Web of
Science", and "ERIC", this research will identify best
practices, barriers, and acceptable innovative
solutions. It is hoped that the findings from this
research will provide valuable insights for
policymakers and practitioners in their efforts to
improve financial literacy and economic prosperity
in developing countries.

2. METHODS
This research uses mixed methods combining
qualitative and quantitative approaches to gain an indepth understanding of the impact of technologymediated financial education on marginalized
populations. The following are the steps taken in this
research:
a.

Literary Studies:

Collect and analyze related literature from various
academic databases such as "ABIInform", "EBSO
Host", "Emerald", "Google Scholar", "Science Direct",
"ProQuest", "Web of Science", and "ERIC".
Presents

articles

relevant

to

assessing

Technology-mediated … / Asri Jaya

the

effectiveness of technology in education finance and
identifying challenges faced by marginalized
populations.
b.

Quantitative Survey:

Design a questionnaire to collect data from a sample
of marginalized populations in a developing
country. Conduct bold and engaging surveys to
reach respondents who have limited access to
technology. Uses stratified sampling techniques to
ensure adequate representation of various
demographic groups.
c.

Qualitative Interview:

Conduct in-depth interviews with participants
selected based on initial survey results. Using semistructured interview methodology to explore their
perspectives on technology-mediated financial
education. Identify specific barriers such as
inadequate infrastructure, limited access, and
language and cultural barriers.
d.

Data Analysis:

Analyze quantitative data using statistical software
such as SPSS or R to identify patterns and
relationships between variables. Use thematic
analysis for qualitative data to identify key themes
emerging from interviews. Combining quantitative
and qualitative analysis findings to gain a
comprehensive picture of the effectiveness and
challenges of technology-mediated financial
education.
e.

Validation and Reliability Test:

Conduct validity and reliability tests on
questionnaires and interview instruments to
ensure the accuracy of the data obtained. Uses data

triangulation to validate findings from multiple
sources and methods.
Previous research shows that technology can be an
effective tool in financial education. For example,
research published in the "Journal of Financial
Counseling and Planning" found that mobile
applications and e-learning platforms can improve
financial literacy among young adults. Another study
published in the "International Journal of
Educational Technology in Higher Education"
suggests that the use of technology can mitigate the
decline in financial literacy among marginalized
populations, noting that technology access and skills
remain a major challenge.
It is hoped that this research will provide deeper
insight into how technology can be used effectively to
increase financial literacy in developing countries
and among marginalized communities, as well as
identify the steps needed to overcome existing
obstacles.

3. RESULT AND DISCUSSION
3.1 Effectiveness of Technology in Increasing Financial
Literacy
This research shows that technology has great
potential to increase financial literacy among
marginalized populations (Noor, 2020; Yang, 2023).
Various empirical studies have shown that mobile
applications and e-learning platforms can provide
easy access to financial education materials. For
example, a study by Suri and Jack (2016) showed
that the use of mobile-based financial applications in
Kenya was able to increase financial literacy and
personal money management among users.

Table 1: Effectiveness of Technology in Increasing Financial Literacy in Various Countries
Technology
Country
Studies
Key Results
Used
Kenya
Suri
and
Financial Mobile
Increased financial literacy and
Jack (2016)
Application
personal money management
among users
India
Banerjee et
E-Learning
Increased
understanding of
al. (2015)
Platform
investment
and
debt
management
Indonesia
Setiawan
Financial
Increasing financial knowledge
(2018)
Education
SMS
among rural communities
Program
Nigeria
Okoye
Financial
Increasing financial literacy
(2019)
Education
among
women
small
Application
entrepreneurs
Brazil
Oliveira et
Finance
Online
Increasing awareness about the
al. (2020)
Courses
importance
of
financial
management among students

3.1.1 Case Study: Technology in Financial
Education in Kenya
A study by Suri and Jack (2016) in Kenya provides
strong evidence of the effectiveness of technology
in increasing financial literacy. Financial mobile

applications such as M-Pesa have become very
useful tools in providing financial education to the
public (Karakara, 2022; Seldal, 2022). This research
shows that users who utilize the app have significant
improvements in their understanding of money

REVENUE JOURNAL: MANAGEMENT AND ENTREPRENEURSHIP 1(2): 1 3 5 - 1 4 1

137

management and savings, as well as the ability to
make better financial decisions.
3.1.2 Case Study: E-Learning Platforms in India
Banerjee et al. (2015) conducted research in India
that highlighted how e-learning platforms can
improve financial literacy. This platform provides
interactive
courses
on
investing,
debt
management, and personal financial planning. The
results showed that course participants
experienced significant improvements in their
understanding of these topics, which resulted in
making better financial decisions in everyday life.
3.1.3 Empirical Evidence from Indonesia
In Indonesia, Setiawan (2018) conducted research
on a financial education SMS program aimed at
rural communities. This program sends short
messages containing daily financial tips that are
easy to understand. The research results showed
that recipients of this program had better financial
knowledge compared to the control group who did
not receive these messages.

Based on empirical evidence from various countries,
it is clear that technology has great potential to
increase financial literacy, especially among
marginalized population groups. However, this
study also emphasizes the importance of a thorough
evaluation of distribution techniques and the longterm impact of these technological interventions. An
inclusive and adaptive approach is needed to ensure
that technology can truly reach and empower
marginalized communities effectively.
3.2 Technological Infrastructure Constraints
Although technology has great potential as a tool to
improve financial literacy, infrastructure constraints
are often a major barrier to its implementation.
Research shows that internet availability and
adequate hardware are two important factors that
influence the success of technology-based financial
education programs. For example, research by Aker
and Mbiti (2010) revealed that despite increasing
mobile phone penetration, internet access is still
limited in many rural areas in Africa, hampering the
effectiveness of such programs.

Table 2: Internet Penetration in Several Developing Countries
Country
Internet Penetration (%)
Mobile Phone Penetration (%)
Kenya
23%
75%
Nigeria
29%
84%
Indonesia
50%
93%
India
34%
78%
Bangladesh
22%
65%
Source: Data comes from the "Global Digital Review" report by We Are Social and Hootsuite (2020).

As can be seen in the table above, although mobile
phone penetration is quite high in many developing
countries, internet penetration is still at a much
lower rate. This shows that there are significant
access gaps, especially in rural and remote areas.
For example, in Indonesia, although 93% of the
population owns a mobile phone, only 50% have
internet access. This creates a major challenge for
technology-based financial education programs that
enable internet connections to deliver content.
Furthermore, other research by Hilbert (2011)
shows that technological infrastructure is also
influenced by factors such as internet service costs,
stable electricity availability, and uneven
geographic distribution. For example, in many rural
areas in India, internet access is hampered by high
costs and poor quality of service. This indicates the
need for greater policy intervention to improve
technology infrastructure before technology-based
financial education programs can be implemented
effectively.
Research from the World Bank (2016) also supports
this finding by showing that there is a positive
correlation
between
good
technological
138

infrastructure and increased financial literacy. In
countries with better technological infrastructure,
technology-based financial education programs show
more positive results in terms of increasing financial
knowledge and skills. In contrast, in countries with
poor technological infrastructure, such programs
tend to be less effective and often do not reach the
populations most in need.
However, while technology has great potential to
improve financial literacy for marginalized
populations, infrastructure barriers must be
overcome first. This requires a comprehensive and
sustainable approach that involves collaboration
between government, the private sector, and civil
society to ensure broader and more equitable access
to technology.
3.3 Language and Cultural Barriers
In the context of technology-mediated financial
education, language, and cultural barriers play an
important role in determining program success. Many
financial education applications and materials are
packaged in international languages such as English,
which are not understood by the majority of the
population in developing countries. For example,
Technology-mediated … / Asri Jaya

research by Asli Demirguc-Kunt et al. (2018) revealed
that programs translated into local languages and
adapted to the local cultural context have a higher
success rate. This is because users can more easily
understand and apply the information presented if it is
presented in a familiar language and cultural context.
Empirical evidence from various countries shows that
overcoming language and cultural barriers can
increase the effectiveness of financial education. For
example, a study conducted in Kenya by FSD Kenya
showed that financial apps in Swahili were more
effective in improving financial literacy compared to
similar apps in English. Something similar was found
in a study in India by SAGE Publications, which showed
that financial literacy programs adapted to local
cultural contexts, including the use of Hindi, increased
participant engagement and understanding.
Table 3: Effectiveness of Financial Literacy Programs Based on
Language
Country
Program Language
Level of success (%)
Kenya
Swahili
75
India
Hindi
68
Indonesia
Indonesian
70

This research also shows that in addition to language
translation, adapting materials to local cultural
contexts is very important. For example, in Indonesia,
the use of folklore and everyday financial examples
that are relevant to the lives of local people has had a
positive impact on the understanding and application
of financial literacy.
Additionally, it is important to note that training local
instructors who understand local cultural and
linguistic nuances can increase the success of
technology-based financial education programs.

Therefore, to achieve effective financial inclusion, these
programs must be designed taking into account
language and cultural factors relevant to the target
population.
Language and cultural barriers are significant
challenges in technology-mediated financial education.
Empirical evidence shows that programs adapted to
local language and cultural contexts have higher success
rates. Therefore, policymakers and program developers
need to consider these factors in designing and
implementing financial education programs. With the
right approach, these barriers can be overcome, thereby
increasing financial literacy among marginalized
populations.
3. 4 Flexibility and Cost Effectiveness
3.4.1 Technology-Mediated Financial Education
One of the main benefits of using technology in financial
education is the transmission it offers. According to
Karlan and Zinman (2009), technology-based financial
education programs can be accessed anytime and
anywhere, allowing participants to learn according to
their schedules and needs. This is especially important
for marginalized populations who may not have access
to conventional financial education programs due to
time constraints or geographic location.
For example, in India, a mobile app-based financial
literacy program has shown significant results in
increasing financial knowledge among rural women
(Sinha & Kapoor, 2017). The app is designed to function
in limited network conditions and multiple local
languages, providing the demand necessary to reach
diverse populations. Here is a table showing the increase
in financial literacy before and after using mobile apps
in India:

Table 4. Financial literacy before and after using mobile apps in India
Indicator
Before the Program
After the Program
Basic Financial Knowledge
35%
75%
Ability to Manage Budget
40%
70%
Confidence in Investment
30%
65%

3.4.2 Cost Effectiveness in Technology-Mediated
Financial Education
Besides startups, cost-effectiveness is another
important factor in using technology for financial
education. Technology-based programs are often less
expensive to host than traditional face-to-face
programs. This is due to reduced operational costs
such as classroom rental, printing materials, and
transportation.

Research by Poushter (2016) in Kenya shows that the
use of text messaging (SMS) to provide financial advice
to smallholder farmers can increase their income by up
to 11% at a very low cost. The program only requires
access to a basic cell phone, which most farmers already
have. Here is a cost comparison between conventional
and technology-based financial education programs in
Kenya:

Table 5. conventional and technology-based financial education programs in Kenya
Cost per Participant
Program Type
(USD)
Conventional Financial Education
50
SMS-Based Financial Education
5

REVENUE JOURNAL: MANAGEMENT AND ENTREPRENEURSHIP 1(2): 1 3 5 - 1 4 1

139

Other studies also support these findings. In Brazil, a
study by Batista and Vicente (2018) found that the use
of educational videos delivered via social media
platforms can increase financial literacy among
teenagers at a much lower cost compared to traditional
learning methods. The program only requires access to
the internet and a video-enabled device, which most of
the youth population in urban areas already have.
Overall, empirical evidence suggests that technologymediated financial education is not only flexible and
accessible but also more cost-effective. However, it is
important to continue evaluating and adapting so that
these programs can meet the specific needs of

marginalized populations. Thus, technology can serve as
a powerful tool to reduce the financial literacy gap in
developing countries.
3. 5 Long-Term Assessment Needs
The importance of long-term assessment of the
effectiveness of technology-based financial education
programs cannot be overstated. A study by Fernandes,
Lynch, and Netemeyer (2014) shows that
improvements in financial literacy can indeed be seen in
the short term, but the long-term impact of this program
still requires further evaluation. Further research needs
to be conducted to understand how changes in financial
literacy may affect long-term financial well-being.

Table 6: Studies on the Effectiveness of Long-term Technology-Based Financial Education Programs
Research
Researcher
Country
Key Findings
methods
Fernandes et
United
Longitudinal
While improving short-term financial
al. (2014)
States
of
studies, surveys
literacy, long-term effectiveness needs to be
America
further evaluated.
Lusardi
&
Italy
Surveys,
Good financial literacy is associated with
Mitchell
interviews
better retirement planning and greater well(2017)
being in old age.
Atkinson
&
English
Comparative
Technology-based
financial
education
Messy (2012)
study
provides increased financial literacy, but
there is a gap in technology adoption.
OECD (2015)
Various
International
Significant differences between developed
countries
aggregate data
and developing countries in financial
literacy, technology can help but needs to be
adapted to the local context.

Research by Lusardi and Mitchell (2017) in Italy
shows that good financial literacy is associated with
better retirement planning and higher well-being in
old age. This supports the importance of long-term
assessment because changes in financial literacy not
only have an impact on daily financial behavior but
also future financial planning.
In another study by Atkinson and Messy (2012) in
England, it was found that technology-based financial
education provided a significant increase in financial
literacy. However, this research also reveals gaps in
technology implementation, indicating that not all
populations can experience the same benefits from
these programs. Therefore, long-term evaluation is
needed to ensure that all community groups can
access and utilize technology in financial education.
International aggregate data from the OECD (2015)
shows that there are significant differences in
financial literacy between developed and developing
countries. Technology can be an effective tool to
bridge this intersection, but it needs to be adapted to
each country's local context. Long-term evaluation
can help identify the most effective strategies for
various contexts and ensure that technology-based
financial education programs can provide sustainable
benefits.
140

However, although technology has great potential to
improve financial literacy, this research emphasizes the
importance of long-term measurements to understand
the true impact of technology-based financial education
programs on the financial well-being of marginalized
communities.

4.CONCLUSION
This research highlights the importance of
technology-mediated
financial
education
in
addressing the financial literacy gap in developing
countries. Technology has great potential to expand
the reach of financial education, making it more costeffective and adaptable for marginalized populations.
However, the findings of this research also show that
various significant barriers need to be overcome,
including inadequate infrastructure, limited access to
technology, and language and cultural barriers.
Through a comprehensive examination of the
literature, this research reveals that although
technology can be an effective tool for financial
education, there is an urgent need for a thorough
assessment of the long-term consequences of using
this technology. Additionally, this research
emphasizes the importance of a comparative
examination of distribution techniques to ensure that
technology can truly reach and benefit marginalized
Technology-mediated … / Asri Jaya

communities.
Overall, this research underscores the need for
further investigation to understand the impact of
limited access to technology on financial literacy
among marginalized communities. Collaborative
efforts between governments, non-governmental
organizations, and the private sector are urgently
needed to overcome existing barriers and ensure
that financial education technology can provide real
benefits to those who need it most.

5. REFERENCES
Ahunov, M. (2020). National culture and financial
literacy: international evidence. Applied
Economics,
52(21),
2261–2279.
https://doi.org/10.1080/00036846.2019.1688
241
Ameer, R. (2020). Financial Socialization, Financial
Literacy, and Financial Behavior of Adults in
New Zealand. Journal of Financial Counseling
and
Planning,
31(2),
313–329.
https://doi.org/10.1891/JFCP-18-00042
Bottazzi, L. (2021). Stereotypes in financial literacy:
Evidence from PISA. Journal of Corporate
Finance,
71.
https://doi.org/10.1016/j.jcorpfin.2020.10183
1
Goyal, K. (2021). Financial literacy: A systematic
review and bibliometric analysis. International
Journal of Consumer Studies, 45(1), 80–105.
https://doi.org/10.1111/ijcs.12605
Karakara, A. A. W. (2022). Financial literacy, financial
distress and socioeconomic characteristics of
individuals in Ghana. African Journal of
Economic and Management Studies, 13(1), 29–
48. https://doi.org/10.1108/AJEMS-03-20210101
Kawamura, T. (2021). Is Financial Literacy
Dangerous? Financial Literacy, Behavioral
Factors, and Financial Choices of Households.
Journal of the Japanese and International
Economies,
60.
https://doi.org/10.1016/j.jjie.2021.101131
Klein, T. (2022). A note on GameStop, short squeezes,
and autodidactic herding: An evolution in
financial literacy? Finance Research Letters, 46.
https://doi.org/10.1016/j.frl.2021.102229
Morgan, P. J. (2020). Financial literacy, financial

inclusion, and savings behavior in Laos. Journal of
Asian
Economics,
68.
https://doi.org/10.1016/j.asieco.2020.101197
Noor, N. (2020). Financial literacy, financial selfefficacy and financial account ownership
behavior in Pakistan. Cogent Economics and
Finance,
8(1).
https://doi.org/10.1080/23322039.2020.18064
79
Ouachani, S. (2021). Measuring financial literacy: a
literature review. Managerial Finance, 47(2),
266–281. https://doi.org/10.1108/MF-04-20190175
Pan, X. (2020). Is financial advice a cure-all or the icing
on the cake for financial literacy? Evidence from
financial market participation in China.
International Review of Financial Analysis, 69.
https://doi.org/10.1016/j.irfa.2020.101473
Rieger, M. O. (2020). How to Measure Financial
Literacy? Journal of Risk and Financial
Management,
13(12).
https://doi.org/10.3390/jrfm13120324
Seldal, M. M. N. (2022). Financial Vulnerability,
Financial Literacy, and the Use of Digital Payment
Technologies. Journal of Consumer Policy, 45(2),
281–306. https://doi.org/10.1007/s10603-02209512-9
Swiecka, B. (2020). Financial literacy: The case of
Poland. Sustainability (Switzerland), 12(2).
https://doi.org/10.3390/su12020700
Watanapongvanich, S. (2021). Financial Literacy,
Financial Education, and Smoking Behavior:
Evidence From Japan. Frontiers in Public Health, 8.
https://doi.org/10.3389/fpubh.2020.612976
Widyastuti, U. (2020). Financial education, financial
literacy, and financial Behaviour: What does
really matter? Management Science Letters,
10(12),
2715–2720.
https://doi.org/10.5267/j.msl.2020.4.039
Yang, J. (2023). Digital finance and financial literacy:
Evidence from Chinese households. Journal of
Banking
and
Finance,
156.
https://doi.org/10.1016/j.jbankfin.2023.107005
Zulaihati, S. (2020). Teachers’ financial literacy: Does it
impact on financial behaviour? Management
Science
Letters,
10(3),
653–658.
https://doi.org/10.5267/j.msl.2019.9.014

REVENUE JOURNAL: MANAGEMENT AND ENTREPRENEURSHIP 1(2): 1 3 5 - 1 4 1

141