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The Role of Financial Inclusion: Does Financial Inclusion Matter?

The Role of Financial Inclusion: Does Financial Inclusion Matter?
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Author(s): Ulkem Basdas (Philip Morris International, Portugal)
Copyright: 2021
Pages: 25
Source title: Research Anthology on Personal Finance and Improving Financial Literacy
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-7998-8049-3.ch021

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Abstract

This chapter highlights the importance of financial education, its link with financial decision-making process, comparative status of different countries, and efforts to improve current situation. Unfortunately, there is no standard definition for neither financial education nor measures to quantify it. Therefore, this chapter first aims to provide a comprehensive definition in order to explain how financial knowledge affects the decision-making process. Then, financial literacy measures from previous studies over different countries would be discussed to show financial illiteracy problem is global. Lastly, solutions and recommendations would be discussed at three different levels: younger people, individuals, and national strategies.

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