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The Importance of Financial Education for the Effective Use of Formal Financial Services

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  • Ansar,Saniya
  • Klapper,Leora
  • Singer,Dorothe

Abstract

This paper examines global data on unbanked and underbanked consumers to highlight the rolethat improved financial literacy and capability could play in motivating and enabling the safe and beneficial use offinancial services. The paper uses data from Global Findex, a demand-side survey on ownership and use of accounts atformal financial institutions. The paper reviews the self-reported barriers to account ownership and use cited byunbanked adults, and identifies the challenges faced by account owners who could not use an account without help.Together, these issues point to the importance of financial education to improve digital and financial literacy skills,in addition to product design that considers customer abilities, and strong consumer safeguards to ensure thatcustomers benefit from financial access.

Suggested Citation

  • Ansar,Saniya & Klapper,Leora & Singer,Dorothe, 2023. "The Importance of Financial Education for the Effective Use of Formal Financial Services," Policy Research Working Paper Series 10345, The World Bank.
    • Handle: RePEc:wbk:wbrwps:10345
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