scholarly journals Financial Literacy - A Determinant of Investment in Health Insurance

2020 ◽  
Vol 8 (3) ◽  
pp. 33-38
Author(s):  
Rukmini Murugesan ◽  
V Manohar
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Global Economy ◽  
Consumer Welfare ◽  
Bank Loans ◽  
Financial Inclusion ◽  
Health And Wellness ◽  
Area Unit ◽  
Set Up

The financial set-up of a rustic plays a key role in economic development. Since independence Asian nation leaders area unit is going to eradicate impoverishment and switch India into a spirited, self –reliant global economy and embedded financial literacy needs in every citizen’s life. India is historically a rustic of avid savers. Indians are suffering from financial stress like under insurance, debt trap, insufficient retirement fund, and low return on investment due to weak financial literacy, which shows an impact on health and wellness. For financial inclusion and inclusive growth: Financial literacy and financial inclusion are twin pillars where fiscal inclusion act as the supply side of proving financial services and financial literacy act as demand facet creating public familiar that what they must obtain. The literature confirms that there is a strong link between financial literacy, the use of financial services, and consumer welfare. Life-insurance and pension funds, especially in developing societies, in contrast to that of short-term bank loans, long-term funding to provide important contributions to the country’s economy. These conditions are that the presence of a good insurance system to fulfill all of the expectations, and create a competitive insurance market, citizens-rights and protect the interests, increase the confidence in their system. The creation of welfare awareness and demand will solely be achieved with a healthy legal infrastructure. 

scholarly journals AI in Financial Sector – A Driver to Financial Literacy

2019 ◽  
Vol 7 (3) ◽  
pp. 66-70
Author(s):  
Rukmini Murugesan ◽  
V Manohar
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Global Economy ◽  
Financial Sector ◽  
Financial Products ◽  
Area Unit ◽  
Set Up ◽  
Financial Intelligence ◽  
The Relationship

The financial set-up of a rustic plays a key role in economic development. Since independence Asian nation leaders area unit going to eradicate impoverishment and switch India into the spirited, self –reliant global economy and embedded financial literacy needs in every citizen’s life. India is historically a rustic of avid savers. A growing literature has examined the role of financial literacy in an individual’s income, saving behavior and the use of various financial products. However, so far, no one has examined the relationship between financial literacy and the awareness and adoption of financial technology (fin-tech) products, i.e., financial products provided via internet-based and mobile-based platforms. This paper examines this relationship in developing countries like India. As a part of AI- Artificial Intelligence in the financial sector, Fin-tech companies are playing a major role in rendering financial services far better and even brought it within palms of people. So in this paper, I put my effort to present inter- relation between financial services and financial intelligence.  

scholarly journals How does financial literacy impact on inclusive finance?

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Morshadul Hasan ◽  
Thi Le ◽  
Ariful Hoque
Keyword(s):  
Rural Areas ◽  
Financial Literacy ◽  
Financial Services ◽  
Rural Population ◽  
Poverty Reduction ◽  
Population Data ◽  
Financial Inclusion ◽  
Probit Regression ◽  
Financial Access

AbstractInclusive finance is a core concept of finance that makes various financial products and services accessible and affordable to all individuals and businesses, especially those excluded from the formal financial system. One of the leading forces affecting people's ability to access financial services in rural areas is financial literacy. This study investigated the impacts of financial knowledge on financial access through banking, microfinance, and fintech access using the Bangladesh rural population data. We employed three econometrics models: logistic regression, probit regression, and complementary log–log regression to examine whether financial literacy significantly affects removing the barriers that prevent people from participating and using financial services to improve their lives. The empirical findings showed that knowledge regarding various financial services factors had significant impacts on getting financial access. Some variables such as profession, income level, knowledge regarding depositing and withdrawing money, and knowledge regarding interest rate highly affected the overall access to finance. The study's results provide valuable recommendations for the policymaker to improve financial inclusion in the developing country context. A comprehensive and long-term education program should be delivered broadly to the rural population to make a big stride in financial inclusion, a key driver of poverty reduction and prosperity boosting.

Determinants of Financial Inclusion in Namobuddha Municipality, Nepal

2021 ◽  
Vol 5 (1) ◽  
pp. 60-74
Author(s):  
Jeetendra Dangol ◽  
Anil Humagain
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Control Variable ◽  
Financial Innovation ◽  
Sampling Technique ◽  
Financial Inclusion ◽  
Gender Education ◽  
And Control ◽  
Moderating Role

Financial inclusion is a priority agenda in countries like Nepal. The study seeks to determine the access to financial services, financial innovation and quality of financial services to the financial inclusion.The study is based on questionnaire surveydata with363 household respondents using a convenient sampling technique, and carried out in Namobuddha Municipality of Nepal. The moderating effect of financial literacy and control variable of demographic items have been analysed using generalised regression model. The results show that financial innovation and quality of financial services are the significant determinants of financial inclusion; financial literacy is found significant and it plays a moderating role between the variables under study. The findings revealed that the tendency of higher level of financial inclusion was influenced by gender, education level and monthly income.

scholarly journals Improvement of the Financial Services Market in the Context of Ensuring the Financial Inclusion

2021 ◽  
Vol 8 (523) ◽  
pp. 127-134
Author(s):  
O. V. Zhulyn ◽  
Keyword(s):  
Behavioral Finance ◽  
Financial Literacy ◽  
Financial Services ◽  
Digital Technologies ◽  
Financial Service ◽  
Financial Inclusion ◽  
Low Incomes ◽  
Analytical Research ◽  
Low Levels ◽  
Theoretical Foundations

The article is aimed at studying the theoretical, organizational and methodical aspects of financial inclusion; conducting an analytical research on the development of financial inclusion and its impact on the welfare of the population; formation of recommendations for improving the financial services market in the conditions of ensuring the financial inclusion in Ukraine. The theoretical foundations of financial inclusion and its components are considered, the author suggests to enclose therein the speed and security of obtaining a financial service, which is provided with the help of digital technologies, which is relevant in the context of the COVID-19 pandemic. The carried out analytical studies of financial inclusion in the world and in Ukraine have shown that its level is constantly growing and there are sufficient prerequisites for its development, including in the financial market the maximum number of the population who will be able to benefit from the use of financial services. As a result of the analysis, a framework for financial inclusion has been developed that allows identifying entities that are often unwittingly excluded from the financial services market – due to low levels of financial literacy, low incomes or discrimination on the part of financial institutions. An important aspect of the implementation of the concept of financial inclusion is the motivation to use financial services, using behavioral finance methods for this – not only by those who are forced to exclude, but also those who voluntarily refused to use them. The publication proposes recommendations and instruments for improving the financial services market, which will increase the level of financial inclusion, which in turn will contribute to economic growth, mobilization of savings, their preservation and increase, introduction of innovations and development of entrepreneurship.

scholarly journals An Empirical Analysis of the Impact of Agency Banking on Financial Inclusion in Benue State, Nigeria: Implications for Economic Activities

2022 ◽  
Vol 14 (2) ◽  
pp. 75
Author(s):  
David Terfa Akighir ◽  
Tyagher Margaret ◽  
Jacob Terungwa Tyagher ◽  
Tordue Emmanuel Kpoghul
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Structural Equation ◽  
Structural Equation Models ◽  
Survey Design ◽  
Secondary Data ◽  
The State ◽  
Financial Inclusion ◽  
Economic Activities ◽  
The Impact

Twelve (12) out of the Twenty-three (23) local government areas (LGAs) in Benue State do not have the presence of banks over a long period of time. This situation has deprived the inhabitants of these LGAs of access to formal financial services until the advent of agency banking. This study therefore, investigates the impact of agency banking on financial inclusion and economic activities in Benue State focusing on the agency banking activities of First Bank Ltd. The study is anchored on the agency theory and it used a survey design. The study has utilized both primary and secondary data that were analyzed using descriptive statistical tools and structural equation models. Findings of the study have revealed that agency banking activities of First Bank Ltd have immensely enhanced financial inclusion and economic activities in Benue State. However, challenges such as shortages of cash, security problems, network failures, and lack of financial literacy are militating against the smooth operations of the agency banking in the State. On the basis of these findings, the study has recommended among others that, other banks operating in the State should be encouraged to venture into agency banking in the state so as to have a wider coverage of agency banking in the State. Also, government should provide security and partner with the private sector to provide national carrier communication network system to overcome the network failure challenge. Finally, banks should intensify efforts to educate the masses about the validity and potency of agency banking.

scholarly journals Financial Technology (Fin-Tech): Revolutionizing the Indian Agrarian Sector

2020 ◽  
Vol 8 (12s3) ◽  
pp. 1-8
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Risk Sharing ◽  
Financial Inclusion ◽  
Indian Government ◽  
Agricultural Finance ◽  
Agricultural Growth ◽  
Two Factors ◽  
Financial Technology

Agriculture is the largest employer of India which constitutes 50% of its workforce and also a contributor to 17-18% in its GDP. Still, it is one of the most disorganized and disjointed sector.Somewhere this sector has not been given due attention and itcan be proven with the fact that the GDP contribution of this sector has fallen from 43% to 18% (1970- 2018).Though the Indian Government is digitally driving to provide financial inclusion to more than 145 million households that are not having access to banking services but still the farmers aremajorlyusing traditional credit for their basic and main two factors; Production & Consumption (Distribution). The financial segment has an important role to make agriculture aprime contributorto the economic growth of the country and also in reducing poverty. A fast-evolving technological landscape is bringing up new potential to focus&provide credit, risk-sharing, and to explore technology to enhance agricultural productivity. Our paper firstly examines agricultural finance in the Indian context and then discusses how financial technology (Fin-Tech) can drive new products in credit and risk markets in India. We evaluate the role of mobile banking, financial literacy, digital financial services, digital financial technology, and block-chain technology. The paper is concluded with a discussion of policy takeaways for Fin-Tech in agriculture to promote agricultural growth, enhance financial inclusion, and improve regional economic integration through agriculture.

THE STRATEGY TO ENHANCE THE SHARIAH FINANCIAL LITERACY AND INCLUSION IN INDONESIA (Case Study at Financial Services Authority Office in The City of Malang)

2017 ◽  
Vol 1 (1) ◽  
pp. 47
Author(s):  
Ma’rufa Khotiawan ◽  
Muhammad Luthfiansyah
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Financial Inclusion ◽  
National Strategy ◽  
Research Needs ◽  
Know How ◽  
The Government ◽  
The City

<p>The<strong> </strong>results of the survey of literacy and Financial Inclusion Shari'ah in Indonesia 2016 each show numbers 8.11 %  and 11.06 %. Whereas the inhabitants of the religion of Islam in Indonesia more than 85%. With this then needs to be formulated strategies that can increase the level of literacy and financial inclusion shari'ah in Indonesia. The importance of literacy improvement and Financial Inclusion Shari'ah to improve the behavior of the community in financial management and to improve the welfare of them. So that priorities are intended to know how the strategy applied to increasing literacy and Financial Inclusion Shari'ah. This research uses qualitative research method with the approach of the case study. The results of this research are some government policy that is contained in the form of National Strategy for Financial Literacy Indonesia (SNLKI) to improve financial literacy Shari'ah and inclusive Financial National Strategy (SNKI) to improve financial inclusion. But the next research needs to examined and monitored about various programs to increase shari'a literacy and financial inclusion is doing by the government.</p><strong>Keywords: </strong>Sharia Financial Literacy, Sharia Financial Inclusion, the strategy.

scholarly journals Financial Inclusion of the Region: Analysis of the State and Ways of Ensuring

2019 ◽  
pp. 61-74
Author(s):  
Andrii Matkovskyi ◽  
Vitaliia Skryl ◽  
Ruslana Shtanko
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Rural Population ◽  
The State ◽  
Current Level ◽  
Financial Inclusion ◽  
The Media ◽  
State And Local ◽  
Urgent Action

Financial inclusion of the region is a means of making full use of the financial services industry's tools, which ultimately contributes to the long-term economic growth of the region, as it stimulates innovation, mobilizes savings and supports investment. The paper analyzes the current level of financial inclusion of the Poltava region. The study showed that the current level of financial inclusion of the Poltava region is low. Surveys of the respondents showed that there is a large disproportionate level of financial inclusion among urban and rural population. The rural population is limited in financial services. There is still a significant lack of confidence in financial institutions. All this slows down the processes of full involvement of the population in financial inclusion and creates a shadow sector. However, remediation is observed in urgent action by both the state and local authorities and financial institutions. Continuous information in the media and social networks in the future will be able to restore confidence in financial institutions and thus increase not only the level of financial inclusion, but also every inhabitant of the Poltava region.

scholarly journals Financial Literacy and Inclusion Analysis of the Community of Pulau Seribu (A Case Study on Pramuka Island on the Limitations of Banking Financial Services in the Pulau Seribu)

2021 ◽  
Vol 2 (4) ◽  
pp. 255-261
Author(s):  
Erni Prasetiyani ◽  
Ai Nety Sumidartini ◽  
Achmad Barlian
Keyword(s):  
Qualitative Research ◽  
Financial Literacy ◽  
Financial Services ◽  
Swot Analysis ◽  
Financial Inclusion ◽  
Regional Government ◽  
Policy Makers ◽  
Depth Interviews

: The progress of a region can be measured by the level of financial literacy of its population and financial inclusion. DKI Jakarta is in the top financial ranking for literacy and inclusion, but it is inversely proportional to the Pulau Seribu region. This research is a qualitative research with the technique of obtaining data through in-depth interviews with residents in the Pulau Seribu. The results are processed with a Strength Weakness Opportunity Threat (SWOT) analysis to produce a map of the strengths, weaknesses, opportunities and threats that exist in the Pulau Seribu region. With the SWOT condition in the region, it is hoped that the policy makers, namely the Otoritas Jasa Keuangan (OJK), the DKI Jakarta Regional Government and the community themselves are able to synergize in formulating strategies to accelerate the backwardness of the Pulau Seribu with DKI Jakarta.

scholarly journals Leasing as a Tool for Innovative Development of Enterprises

2021 ◽  
Vol 7 (522) ◽  
pp. 195-201
Author(s):  
O. V. Zhulyn ◽  
◽  
I. I. Nazarenko ◽  
N. P. Tesliuk ◽  
V. V. Shturko ◽  
...  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Capital Investment ◽  
Financial Statements ◽  
Financial Inclusion ◽  
Bank Loan ◽  
Innovative Development ◽  
Financial Leasing ◽  
Fixed Assets ◽  
The Relationship

In countries with a developed financial market, one can often see the relationship between the level of distribution of financial leasing services and the volume of capital investment and the introduction of innovations in enterprises. In the context of the implementation of the concept of sustainable development and updating of fixed assets for more energy-efficient ones, financial leasing services are gaining special popularity. The article is aimed at comprehensive analyzing of the domestic market of leasing services and developing a mechanism for improving financial leasing services as a tool for innovative development of enterprises. The article considers the concept of financial leasing; the development of the leasing services market in Ukraine is analyzed; the main problems of leasing services provision, as well as their advantages compared to a bank loan are highlighted; the main directions of development of financial leasing services are proposed. As a result of scientific researches, a mechanism for the development of the financial leasing services market as a tool for innovative development of enterprises and financial inclusion in general has been developed. This mechanism provides for: creation of conditions for easy and equal access to the financial services market for all lessors; expanding possible sources of financing for leasing companies; conducting financial statements in accordance with IFRS and risk management system; carrying out measures to improve financial literacy with an emphasis on the advantages of leasing for enterprises, which should contribute to financial inclusion; creation of a balanced policy of taxation of leasing operations and licensing of owners of leasing companies only with impeccable business reputation and fair behavior in the financial services market.

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