The Effects of Media on Financial Literacy in Ilala Municipality, Dar Es Salaam: A Comprehensive Analysis of Digital Platforms

Abstract

Financial knowledge is a critical function in empowering people to make informed financial decisions. Although a significant number of people residing in Ilala Municipality in Dar es Salaam have inadequate financial literacy. This research examines the consequences of online facilities on monetary knowledge in the region. The study mainly explores the effect of media exposure, standard of matters or topics and online facilities utilization on monetary knowledge. The study employs a quantitative approach and collects data through structured questionnaires regulated to the targeted population of Ilala Municipality residents. In order to study the relationship between online facilities indicators and financial literacy level outcomes, the researcher employed a regression analysis. Findings revealed that media exposure on online channels unfavorably affected financial literacy (B = -3.018, p < 0.001). This implies that raw online financial content is likely to impede monetary literacy. On the other hand, the standard of financial digital content (B = 3.774, p < 0.001) and an agile interaction with digital platforms (B = 7.995, p < 0.001) depict favorable influence on monetary literacy. Generally, results propose that, despite of the fact that exposure to digital financial channels might have adverse influences, finest financial content, and effective use of online financial facilities are likely to strengthen financial literacy. The study recommends improving the quality of digital financial content, and encouraging active platform engagement to raise financial literacy levels among individuals.