A Shift in Paradigm: the Financial Education Under the Influence of Digital Transformation

Abstract

The chapter explores the challenges in the financial education of the new generation under the influence of digital transformation, building awareness, and compliance with the new model of society. The rapid development of technology significantly influences our daily lives, thus making us look at the progress of various processes differently, thus facilitating the social and professional performance of subjects. The need for a comprehensive, fast, and logical personality is growing in a society that can analyse a set of different interconnections, draw logical conclusions, and assess risks. The impact of technology is particularly felt in educating future financiers, as accounting, financial analysis, and financial management decision-making have long been unthinkable without the skills to use various computer programmes, big data processing, and visualisation of financial information using the latest information technology tools. The survey was organised to collect data from student questionnaires. The questionnaire analysis allows for assessing students’ digital competences, advantages and drawbacks of the digitalisation process, and university challenges in the digital transformation process as well as detecting the areas that require additional attention to make digital transformation effective. Digital transformation significantly changes the ecosystem, and the level of students’ abilities and skills is also a variable. Therefore, it is important to identify the readiness of the participants in the higher education system for new challenges and to use the limited resources as efficiently as possible to prepare the financial specialists necessary for the development of society.

Citation

Dzerve, B., Spilbergs, A., Innuse, G., Ozolina, S., Stonane, A. and Maditinos, D. (2023), "A Shift in Paradigm: the Financial Education Under the Influence of Digital Transformation", Grima, S., Thalassinos, E., Cristea, M., Kadłubek, M., Maditinos, D. and Peiseniece, L. (Ed.) Digital Transformation, Strategic Resilience, Cyber Security and Risk Management (Contemporary Studies in Economic and Financial Analysis, Vol. 111A), Emerald Publishing Limited, Leeds, pp. 61-82. https://doi.org/10.1108/S1569-37592023000111A005