( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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FINANCIAL LITERACY: A CATALYST TO FINANCIAL INCLUSION

    2 Author(s):  JOSE ANTONY,DR JOJO K JOSEPH

Vol -  10, Issue- 11 ,         Page(s) : 169 - 179  (2019 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Financial activities have attained greater importance as it is a medium that ensures development and prosperity. As far as the developing world is concerned, financial inclusion is the need of the hour as it retains the potential for the economic uplifting of the people. Having access to a bank account and the capacity to use it are the key to this. However, due to the lack of awareness people are reluctant or ignorant in making use of the opportunities available to them. Financial Literacy, as a means to empower people to have greater access to financial services, is vital in making financial inclusion a reality. Although not an absolute state, financial literacy can be a crucial element in making people aware of the possibilities and risks associated with financial management decisions. This paper assesses the present situation in the developing world and the importance of financial literacy as a catalyst for financial inclusion.

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