Evaluating the Impact of Social Media Platforms on Enhancing Financial Literacy Awareness

Abstract

Social network applications no longer have an impact limited to international communication, news, and self-expression at local levels. The paper elaborates on the influence of social networking on educational interventions in the area of financial literacy. The article draws upon previous research to examine how platforms such as Facebook, Instagram, Twitter, and LinkedIn influence “financial literacy, public awareness, and behavioral changes. It reads, Social media provides a successful means of distributing knowledge of finance, enables peer learning, and drives up peoples’ financial confidence (especially among young people and underserved populations). But problems of misinformation, overconfidence and content reliability persist. This study shows that social media can play a large role in democratizing financial education and in supporting financial inclusion and therefore has much to offer in improving financial inclusion, demonstrating why it can definitely contribute to a solution to the problem. National financial literacy initiatives that embed social media strategically in this context both multiply the benefits and mitigate the risks.