Digital Financial Literacy and Investment Decision-Making among Young Adults in Kazakhstan

Abstract

The rapid digitalization of financial services has increased young adults’ access to investment platforms, financial information, and digital financial products. At the same time, limited digital financial literacy may expose inexperienced investors to poor investment choices, misleading online information, and financial risks. This study examines the relationship between digital financial literacy and investment decision-making among young adults in Kazakhstan. A quantitative experimental design with pre-test and post-test assessments was employed, involving an experimental group and a control group. Digital financial literacy was assessed through financial knowledge, digital financial skills, awareness of digital financial risks, and the ability to evaluate online financial information, while investment decision-making was measured through scenario-based tasks related to risk, return, diversification, and information reliability. The results indicated that the experimental group demonstrated significant improvements in both digital financial literacy and investment decision-making after the intervention, whereas changes in the control group were limited. Correlation and regression analyses further showed that higher digital financial literacy was positively associated with better investment decision quality and significantly predicted improvements in investment behavior. The findings highlight the importance of integrating digital financial education into programs targeting young adults in Kazakhstan. Such initiatives may strengthen young investors’ ability to assess financial risks, critically evaluate digital information, and make more informed and responsible investment decisions