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Impacts of Social Capital, Financial Literacy and Financial Inclusion on Economic Growth of a Primary Data Analysis: Evidence from Pakistan Special Focus on Listed Banks

Author

Listed:
  • Jannat Saeed

    (National College of Business Administration and Economics Lahore, Pakistan)

  • Nazik Maqsood

    (Lecturer, National College of Business Administration and Economics Lahore, Pakistan)

  • Tanveer Ahmad Shahid

    (Lecturer, School of Commerce and Economics, University of Central Punjab Lahore, Pakistan)

  • Hina Amir

    (Assistant Professor, COMSATS University Islamabad, Lahore Campus, Pakistan)

  • Abaid Ul Rehman

    (MS Scholar, School of Accounting & Finance University of Wollongong, Australia)

  • Kanwal Bilal

    (Lecturer, COMSATS University Islamabad, Lahore Campus, Pakistan)

Abstract

This research study which is quantitative in nature, investigates the inter-relation between social capital, financial inclusion, financial literacy, and sustainable development in Pakistan. Data was gathered by running surveys on a diverse group of basic units of Pakistan which was further analyzed utilizing complicated statistical methods like regression modeling. The research stresses on the paramount role of Financial Inclusion among other Sustainable Development goals, with many existing academic literatures strongly stating its ability to create economic stability as well as reducing poverty. Pakistan also gets praised for its efforts to offer financial services, specifically to the deprived and disadvantaged, as one of the critical steps towards the fulfilment of the sustainable development goals. Accordingly, the study pinpoints a role of Financial Literacy in making Sustainable Development as there is a direct relationship between financial literacy and economic welfare. This reveals the urgent need for financial education programs that will help individuals to take better financial decisions based on facts. In addition, although Social Capital is one of the major factors, the respondents consider it less important than Financial Inclusion and Financial Literacy. However, that social capital is generated by community participation is acknowledged as fundamental to the development of collective action and social integration thereby enhancing developmental efforts. In general, this research provides important information on the relationship between Social Capital, Financial Inclusion, Financial Literacy, and Sustainable Development, and promotes integrated approaches that will ensure access to financial services, improve financial literacy, and increase social capital to create inclusive, resilient, and sustainable development paths in Pakistan.

Suggested Citation

  • Jannat Saeed & Nazik Maqsood & Tanveer Ahmad Shahid & Hina Amir & Abaid Ul Rehman & Kanwal Bilal, 2024. "Impacts of Social Capital, Financial Literacy and Financial Inclusion on Economic Growth of a Primary Data Analysis: Evidence from Pakistan Special Focus on Listed Banks," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(2), pages 637-646.
    • Handle: RePEc:rfh:bbejor:v:13:y:2024:i:2:p:637-646
    DOI: https://doi.org/10.61506/01.00373
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    References listed on IDEAS

    as
    1. Ali, Amjad, 2022. "Foreign Debt, Financial Stability, Exchange Rate Volatility and Economic Growth in South Asian Countries," MPRA Paper 116328, University Library of Munich, Germany, revised 2022.
    2. Ali, Amjad, 2022. "Determining Pakistan's Financial Dependency: The Role of Financial Globalization and Corruption," MPRA Paper 116097, University Library of Munich, Germany.
    3. Nazik Maqsood & Tanveer Ahmad Shahid & Abaid Ul Rehman, 2024. "The Impact of Dividend and Tax Avoidance on Earning Management of Companies," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(1), pages 256-272.
    4. Najma Amin & Saif Ur Rahman & Sukaina Khalid & Sadia Idress, 2024. "How Does Tourism, Trade Openness and Green Energy Influence CO2 emissions? Evidence from ASEAN Countries," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(2), pages 71-79.
    5. Saif ur Rahman & Nor’Aznin Abu Bakar, 2019. "Manufacturing sector in Pakistan: A Comprehensive Review for the Future Growth and Development," Pakistan Journal of Humanities and Social Sciences, International Research Alliance for Sustainable Development (iRASD), vol. 7(1), pages :77-91, March.
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    Cited by:

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