{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,2]],"date-time":"2026-03-02T11:55:51Z","timestamp":1772452551868,"version":"3.50.1"},"reference-count":39,"publisher":"MDPI AG","issue":"3","license":[{"start":{"date-parts":[[2026,3,1]],"date-time":"2026-03-01T00:00:00Z","timestamp":1772323200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JRFM"],"abstract":"<jats:p>Public authorities have increasingly focused on digital financial inclusion (DFI) owing to its potential to enhance overall financial inclusion (FI) and, ultimately, to mitigate households\u2019 financial vulnerability (FV). Although the existing literature generally reports a negative relationship between DFI and FV, most studies focus on economically less developed countries and apply heterogeneous measurement approaches. This study adopts a quantitative methodology to assess DFI as a potential determinant of FV in a developed economy\u2014Spain\u2014using both objective and subjective indicators of FV. DFI is proxied by the diversity of payment and transfer methods conducted via Internet and mobile devices. Empirical findings confirm a negative association between DFI and FV, indicating that higher levels of digital engagement are associated with lower FV. However, results also reveal a potential adverse effect on savings behaviour, possibly linked to the reduced \u201cpain of paying\u201d commonly associated with online transactions. These insights suggest that policies promoting DFI should be complemented by initiatives to enhance financial literacy, strengthen consumer protection laws, and reintroduce the \u201cfeel of cashback\u201d within online payment platforms. By providing evidence from a developed country, this paper contributes to the limited literature by also examining subjective measures of FV variables and offline FI.<\/jats:p>","DOI":"10.3390\/jrfm19030175","type":"journal-article","created":{"date-parts":[[2026,3,2]],"date-time":"2026-03-02T10:24:34Z","timestamp":1772447074000},"page":"175","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Digital Financial Inclusion and Financial Vulnerability: An Exploratory Analysis of Spanish Households"],"prefix":"10.3390","volume":"19","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-9514-7544","authenticated-orcid":false,"given":"Marcos","family":"\u00c1lvarez-Espi\u00f1o","sequence":"first","affiliation":[{"name":"Department of Financial Economics and Accounting, Universidade de Santiago de Compostela, ECOBAS, PC 15782 Santiago de Compostela, Galicia, Spain"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2496-4333","authenticated-orcid":false,"given":"Sara","family":"Fern\u00e1ndez-L\u00f3pez","sequence":"additional","affiliation":[{"name":"Department of Financial Economics and Accounting, Universidade de Santiago de Compostela, ECOBAS, PC 15782 Santiago de Compostela, Galicia, Spain"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-5165-742X","authenticated-orcid":false,"given":"Luc\u00eda","family":"Rey-Ares","sequence":"additional","affiliation":[{"name":"Department of Financial Economics and Accounting, Universidade de Santiago de Compostela, ECOBAS, PC 15782 Santiago de Compostela, Galicia, Spain"}]},{"given":"Mar\u00eda Jes\u00fas","family":"Rodr\u00edguez-Gul\u00edas","sequence":"additional","affiliation":[{"name":"Department of Financial Economics and Accounting, Universidade de Vigo, ECOBAS, PC 32001 Ourense, Galicia, Spain"}]}],"member":"1968","published-online":{"date-parts":[[2026,3,1]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Al Khub, A., Saeudy, M., and Gerged, A. 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