53 percent of consumers surveyed between the ages of 18 to 34 years-old show that the younger demographics are more open to digital financial services as revealed in the Consumer Council of Fiji Beyond Access: Consumer Perspective on Digital Finance in Fiji report.
The Consumer Council says this can be attributed to several factors like digital literacy, with younger generations more comfortable with technology and having grown up surrounded by digital tools, which translates to them adopting and utilising digital financial services platforms.
They say as young adults gain financial independence, they are more likely to manage their own finances, making digital financial services solutions like mobile wallets and internet banking attractive options.
The Council says digital financial service platforms offer 24/7 access and eliminate the need to visit physical banks, which can be particularly appealing to young adults with busy schedules.
They also say that financial institutions might target younger demographics with their marketing campaigns, raising awareness and promoting digital financial services adoption among this age group.
The Council says however it is important to acknowledge the significant participation of 47 percent from the 35 years and above, which challenges the notion that digital financial services is solely for the young and tech savvy.
This trend could be due to the affordability and accessibility of smartphones across age groups have facilitated DFS adoption even among older demographics, with 4 in 5 Fijian adults or 81 percent having access to a smartphone for personal or work use, either their own or belonging to someone else.
