Financial awareness: a bridge to financial inclusion. Issue 7 (3rd October 2022)

• Record Type: Journal Article
• Authors: Kumar, Rishi; Pathak, D. C.
• Is Part Of: Development in practice. Volume 32:Issue 7(2022)
• Page Start: 968
• Page End: 980
• Publication Date: 2022-10-03
• Subjects: Financial awareness -- financial inclusion -- India -- primary data -- regression -- Telangana; Technical assistance -- Developing countries -- Periodicals; Economic assistance -- Developing countries -- Periodicals; Developing countries -- Economic conditions -- Periodicals; 338.91091724
• DOI: 10.1080/09614524.2022.2028731
• Languages: English
• ISSNs: 0961-4524

Abstract

ABSTRACT: Financial inclusion, which means access to formal financial services for the whole population is India's important policy objective. In this paper, we examine the association between financial awareness and financial inclusion. Using statistical association tests on the primary data, collected from 200 respondents in Nalgonda and Medak districts in Telangana, India, we find that financial awareness is significantly associated with financial inclusion. Regression analysis shows that more financial awareness is associated with a higher level of financial inclusion. We also observe that factors, including being female and having a lower level of education and income, are related to lower financial inclusion.