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Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda

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  • Falak Khan
  • Muhammad Ayub Siddiqui
  • Salma Imtiaz

Abstract

Financial inclusion is an international policy agenda and can be achieved through financially literate people, who can make informed financial decisions and improve individuals’ well-being. The area of Financial Literacy and Financial Inclusion is fairly highlighted in the literature; however, the collective importance of how these two areas are researched together needs scholarly attention. This paper carries out a mapping, scientometric and content analysis by compiling studies at the intersection of financial literacy and financial inclusion from a sample of 10,091 studies spread over the last 45 years and conducted on a sample of more than 850,000 individuals worldwide. We find that the number of studies increases; by fields, Finance and Economics dominate the literature; by countries, most studies come from developed countries, in particular the US; by authors, citations are skewed and by measures; studies are moving from non-functional measures to functional measures. Overall, the interest in financial literacy in bringing financial inclusion and its multifaceted role is elaborated using conceptual framework following which future research is positioned. Thus, aiding policymakers, regulators, and academicians to know the distinction of Financial literacy in Financial inclusion and to identify the potential research areas.

Suggested Citation

  • Falak Khan & Muhammad Ayub Siddiqui & Salma Imtiaz, 2022. "Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2034236-203, December.
    • Handle: RePEc:taf:oabmxx:v:9:y:2022:i:1:p:2034236
    DOI: 10.1080/23311975.2022.2034236
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    Cited by:

    1. Putra Hilmi Prayitno & Sheerad Sahid & Muhammad Hussin, 2022. "Social Capital and Household Economic Welfare: Do Entrepreneurship, Financial and Digital Literacy Matter?," Sustainability, MDPI, vol. 14(24), pages 1-16, December.
    2. Mykola SIDAK & Andrea SLEZAKOVA & Edita HAJNISOVA, 2024. "Distributing financial services by financial agents in correlation with legal and managerial aspects: case study of the Slovak Republic," Access Journal, Access Press Publishing House, vol. 5(2), pages 357-379, February.
    3. Shubham Chavriya & Gagan Deep Sharma & Mandeep Mahendru, 2024. "Financial inclusion as a tool for sustainable macroeconomic growth: An integrative analysis," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 95(2), pages 527-551, June.
    4. Jean Damascene MVUNABANDI & Lawrence GADZIKWA, 2024. "A Cognitive Analysis Of Consumer Literacy Training And Financial Capability Improvement Among South Africans: A Cross-Sectional Study," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 9(1), pages 44-62, March.
    5. Joseph Owuondo, 2023. "Fostering Financial Inclusion and Education Access in the Global South: Collaborative Stratagem," International Journal of Latest Technology in Engineering, Management & Applied Science, International Journal of Latest Technology in Engineering, Management & Applied Science (IJLTEMAS), vol. 12(10), pages 34-40, October.

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