International Journal of Applied Research
Vol. 5, Issue 2, Part A (2019)
Financial literacy and financial inclusion: A review of earlier studies
Rahul Berry and Dr. CL Chandan
Financial Exclusion may be attributed to factors like Demand side factors (Financial Literacy) & Supply side factors (Financial Inclusion). By imparting financial knowledge awareness level regarding financial products and services can be enhanced and more people can use formal financial services. This Paper focuses on review of earlier studies on financial literacy and financial inclusion. The current study will cover literature on financial literacy, financial literacy & its determinants and link between financial literacy & financial inclusion. Recent studies confirmed the low level of financial literacy among single female, people living in rural areas, among people having low education qualification, low income and working in government organisation. From recent studies it can be suggested that government have to take necessary measures to further financial education to different sectors of the society, especially people living in rural areas and those with low financial literacy level. Material on financial literacy can be included in the course curriculum of schools & colleges. It was found that financial literacy had second positive correlation with financial inclusion after culture. Some studies show low level of correlation between financial literacy & financial inclusion i.e. high literacy level but low level of financial service usage.
How to cite this article:
Rahul Berry and Dr. CL Chandan. Financial literacy and financial inclusion: A review of earlier studies. International Journal of Applied Research. 2019; 5(2): 15-18.