Remodeling Economy towards Sustainable Society and Sustainable Development: The Role of Financial Literacy, Digital Literacy, and Sustainability Literacy

Abstract

Economic growth and sustainable development are being very fundamental concepts among economies in advancing and globalising world. Since 2016, the achievements and recognitions for being progressive on global bandwagon towards Sustainable Development Goals are seems to be rewarding. Unfortunately, the recent pandemic Covid-19 has reshaped the world and has had significant social and economic repercussions for the global economy. It is deemed crucial to pertinently explore and analyse what should be done to ensure the economy is restored and start moving towards a sustainable development. The current state of pandemic and global economy shows that people are experiencing the delicacy of unsustainable development. Transformations towards a new norm should be preceded by a holistic economic, social, and environmental model that integrates the new economic interdependence segment between sustainable societies and sustainable development. Sustainable societies require the ability and capability to respond to the multifaceted difficulties confronting society today. Three key dimensions of literacy, namely, financial, digital and sustainability, would indeed play an important role in creating resilient and sustainable societies. Thus, this study proposes a framework by integrating the financial literacy, digital literacy, and sustainability literacy with Sustainable Development Goals (SDGs) transformation framework as to offer a comprehensive and systematic process of remodeling economy towards sustainable development. This study is merely based on content analysis and reflective thinking.  More in-depth studies using an empirical research method on the three dimensions of literacy by correlating them with various dimensions of sustainable development, are essential. Assessing the right elements in right ways may contribute to a reliable and valid outcome for the world to bridge the practical gaps as well as knowledge gaps in the domain of sustainability.