scholarly journals Financial Inclusion and Farmers: Association between Status and Demographic Variables

2019 ◽  
Vol 8 (4) ◽  
pp. 5868-5879
Keyword(s):  
Financial Institutions ◽  
Financial Literacy ◽  
Family Income ◽  
Demographic Variables ◽  
Financial Inclusion ◽  
Age Group ◽  
Bank Accounts ◽  
Excellent Tool

Financial inclusion is an excellent tool for empowerment of farmers. The current study examines the level of financial inclusion and study the association between various demographical variables and financial inclusion among the farmers. A survey of 360 farmers across Prayagraj district was conducted, this survey found that 71.4% of farmers had his bank accounts while 23.6% of farmers were actively using their bank accounts in past 3 months and only 10.6 % of farmers were taken loan from banks or other formal financial institutions. The survey shows that farmers were financially inclusion: as 72.8% have poor financial inclusion, 19.2% have fair financial inclusion, and only 8.1% have sound financial inclusion. The farmers had not sufficient financial literacy. Further analysis shows that gender is not associated with degree of financial inclusion while other demographic variables i.e. education qualification, family income, age group and size of landholding is closely associated with degree of financial inclusion.

scholarly journals Influence of Demographic Variables on Suicidal Tendency among Arts and Science College Students

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Anusuya ◽  
Dr. M. Senthil ◽  
Dr. S. Barani Daran
Keyword(s):  
College Students ◽  
Mental Illness ◽  
Family Income ◽  
Demographic Variables ◽  
Family Type ◽  
Age Group ◽  
Monthly Income ◽  
Suicidal Tendency ◽  
Science College ◽  
History Of

Introduction: Suicidal tendency is common among college students as a result of various factors like academic pressure, family problems, love failure, etc. It is presumed that there would be influence of demographic variables (i.e. age, gender, department, family type, family income and history of previous mental illness) on suicidal tendency among college students. Aim: The aim of this research study was to assess the influence of selected demographic variables (i.e. age, gender, department, family type, family income and history of previous mental illness) on suicide tendency among arts and science college students. Materials and Methods: The sample comprised of 84 respondents of arts and science students and Simple random sampling by lottery method was used. The following questionnaire was used to collect the data 1) Demographic variables: It includes respondents‟ age, gender, department, class, family income, type of family, residence area and history of mentally illness of the respondent. 2) Suicidal tendency scale. Results: 33.3% of the respondents were up to 18 years of age, 32.1% of the respondents were in the age group of 19 years, 20% of the respondents were in the age group of 20 years of age, 10.7% of the respondents were above 21 years of age, 2.4% of the respondents were in the age group of 22 years of age and 1.2% of the respondents were above 17 years of age. 56% of the respondents were males and 44% of the respondents were females. 50% of the respondents belong to sociology department and 50% of the respondents belong to psychology department. 72.2% of the respondents belong to nuclear family and 23.8% of the respondents belong to joint family. 53.3% of the respondents have monthly income above Rs. 5000-10000, 31% of the respondents have monthly income above Rs. below 5000 and 15.5% of the respondents have monthly income up to Rs. Above 10000.  97.6% of the respondents had no previous mental illness in the family and only 2.4 percent of the respondents had previous mental illness in the family. Conclusion: This research study found that there was a significant impact of age and family income with respect to suicidal tendency among the respondents.

scholarly journals Digital Financial Services: Prospects and Challenges

2021 ◽  
Vol 24 ◽  
pp. 1-25
Author(s):  
Martha Gertruida Van Niekerk ◽  
Nkgolodishe Hermit Phaladi
Keyword(s):  
South Africa ◽  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Services ◽  
Recognition System ◽  
Financial Inclusion ◽  
Market Abuse ◽  
Lack Of Information ◽  
Digital Identification ◽  
Verification Methods

Digital financial services (DFSs), being financial services accessed and delivered through digital channels, have grown rapidly in South Africa as well as globally. The adoption of the technology for DFSs has led to an increase in financial inclusion, enabling more individuals and businesses to have access to useful and affordable financial products and services, where payments, savings, credit, investment and insurance are included. Through the Financial Sector Regulation Act 9 of 2017 financial inclusion was statutorily enacted for the first time. The regulators are now empowered to insist that financial institutions take proactive steps to expand financial inclusion and can take the necessary steps to enforce these powers. One of the factors that have an influence on whether consumers will adopt DFSs is consumers' perspectives of DFSs. Lack of information and knowledge combined with the cost of data negatively influences the adoption of DFSs. The transfer of information to unbanked people in South Africa with regards to DFSs should be enhanced by the state as it strives to improve financial literacy. DFSs are susceptible to financial crimes like fraud, money laundering, terrorist financing, bribery, corruption and market abuse. The challenges that threaten the interests of customers should be addressed by stricter information verification methods when transacting with clients online. Technological detectors and digital identification should be used more effectively to verify customers and to alert authorities to suspicious transactions. Financial institutions might consider authenticating online transactions by thumb-print or a voice recognition system. This paper emphasises that because of the prospects of greater and deeper financial inclusion in South Africa, the use of DFSs has to be improved and developed and the challenges have to be constructively addressed to unleash the true potential thereof.

scholarly journals Financial Inclusion and Financial Literacy in Low Income Group in Emerging Economy

2020 ◽  
Vol 6 (4) ◽  
pp. 1001-1008
Author(s):  
Hina Affandi ◽  
Qaisar Ali Malik
Keyword(s):  
Financial Institutions ◽  
Low Income ◽  
Financial Literacy ◽  
Relevant Literature ◽  
Financial Inclusion ◽  
Primary Data ◽  
Street Vendors ◽  
Policy Makers ◽  
Financial Products ◽  
The Impact

Purpose: Financial institutions engage in performing imperative part in the economic development of an economy through circulation of funds that resulting in employment and fair distribution of limited resources. Financial literacy results in usage of financial product and services provided by financial institutions that lead to pervasive growth of an economy. Financial inclusion takes into loop the excluded segment of a developing country to attain the desired financial and economic outcomes. Recognizing the importance of financial inclusion, this study is executed to investigate the impact of financial literacy on financial inclusion in street vendors. Design/methodology/approach: This study was conducted in twin cities Islamabad and Rawalpindi. Snowball and purposive sampling technique has been used in this study. Primary data has been collected from street vendors through semi structure interviews and questionnaire. Participatory action research design is used in this study. Deductive approach has been used for qualitative data analysis. Findings: The results of this study found that street vendors only name financial institutions. They don’t have knowledge about financial products and services provided by those financial institutions. Because of inadequate knowledge, majority of the street vendors do not use financial products and services which are available to them. A very small number of street vendors are using financial products and services. The expected outcomes of this study set a direction for policy makers of financial institutions about how to increase financial inclusion by considering the observed relations in this study. Practical implications: The results will help policy makers in formulating effective strategies to bring into the net that excluded segment, which if included will not only improve their quality of life but also augment to the sustainability and growth of economy through financial inclusion. Originality/value: As suggested by the recent relevant literature, the study is an attempt to identify those antecedents of financial inclusion, which has not been explored earlier in context of Pakistan, to extend the earlier findings through qualitative research method and to establish how financial inclusion can be made a success in achieving its desired outcomes in a developing economy.

FINANCIAL LITERACY AND FINANCIAL INCLUSION EFFECTS ON STABILITY AND COMPETITIVENESS INDICATORS IN THE BANKING SECTOR: CROSS COUNTRY EVIDENCE FOR AFRICA AND THE WORLD

2021 ◽  
pp. 2150009
Author(s):  
JOÃO JUNGO ◽  
MARA MADALENO ◽  
ANABELA BOTELHO
Keyword(s):  
Credit Risk ◽  
Interest Rates ◽  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Stability ◽  
Banking Sector ◽  
Financial Education ◽  
Financial Inclusion ◽  
The Stability ◽  
The Impact

Financial inclusion has allowed financial products with very high-interest rates and complex conditions to become increasingly affordable. Financial inclusion programs, which aim to reach all social strata, strongly expose financial institutions to risk and particularly credit risk. That said, additional interventions such as financial education of those included are needed. We aim to examine the impact of financial literacy and financial inclusion of households on bank performance. Specifically, we want to examine the impact of financial literacy on credit risk, competitiveness among banks and financial stability. The FGLS estimation results suggest that financial literacy and financial inclusion reduce credit risk and enhance the stability of banks, and regarding competitiveness, our results were inconclusive as they show different effects for each competitiveness indicator, although they point to improved competitiveness in some cases. This research allows policymakers to understand that individual financial attitudes can be reflected in the general welfare of financial institutions and encourages the intensification of programs aimed at improving household financial literacy.

scholarly journals Informal Saving Group: A Pathway to Financial Inclusion among Rural Women in Nigeria

2020 ◽  
pp. 22-30
Author(s):  
Chizoba Obianuju Oranu ◽  
Ogochukwu Gabriella Onah ◽  
Elizabeth Nkhonjera
Keyword(s):  
Financial Institutions ◽  
Rural Women ◽  
Financial Literacy ◽  
Financial Inclusion ◽  
High Rate ◽  
Journal Articles ◽  
Rural People ◽  
Financial Exclusion ◽  
Group A ◽  
To Receive

Financial inclusion is a key to economic development and has continually gained increased attention across countries, particularly in developing countries where there is relatively high rate of financial exclusion. In Nigeria, despite several measures taken to promote financial inclusion, there is still high rate of financial exclusion among rural women, as rural people and women are generally more financially excluded. This article provides an overview of financial inclusion, analysis of the patterns and dynamics of financial inclusion in Nigeria and the pathway for promoting financial inclusion among rural women is discussed. The article posits informal savings groups as a potential pathway to financial inclusion among rural women, by reviewing journal articles and grey literatures. The review shows that most rural women are participating in informal saving groups, but these saving groups are however faced with some challenges, such as limited income base, inability to receive remittance and vulnerability to theft. The pathway to financial inclusion among rural women discussed include, sensitizing these rural women through financial literacy, thereafter fostering informal saving groups which most rural women are already aware of their operations and thirdly, linking these groups to formal financial institutions. We conclude that informal saving groups have great potentials of accelerating financial inclusion among rural women, therefore Government should carry out financial literacy campaigns among rural women and policies that promote financial inclusion should be designed building on informal saving groups.

Nexus between financial literacy and financial inclusion

2018 ◽  
Vol 36 (7) ◽  
pp. 1190-1212 ◽  
Author(s):  
George Okello Candiya Bongomin ◽  
John C. Munene ◽  
Joseph Mpeera Ntayi ◽  
Charles Akol Malinga
Keyword(s):  
Research Design ◽  
Financial Institutions ◽  
Interaction Effect ◽  
Financial Literacy ◽  
Financial Inclusion ◽  
Cross Sectional ◽  
Content Type ◽  
Future Studies ◽  
The Poor ◽  
The Relationship

Purpose Premised on the argument that cognition structures the way how individuals think and make decisions, the purpose of this paper is to test the interaction effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. Design/methodology/approach The study used cross-sectional research design and quantitative data were collected and analyzed using Statistical Package for Social Sciences. Baron and Kenny guidelines were adopted to test for existence of moderating effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. Furthermore, ModGraph excel software was used to establish the magnitude of moderating effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. Findings The results revealed that cognition significantly moderate the relationship between financial literacy and financial inclusion of the poor in rural Uganda. In addition, both cognition and financial literacy also have direct effects on financial inclusion of the poor in rural Uganda. Research limitations/implications The study adopted cross-sectional research design and data were collected by use of only questionnaires. Future studies through longitudinal research design may be employed. Besides, further studies using interviews may be adopted. Furthermore, this study collected data from only tier 3 financial institutions, thus, ignoring the other financial institutions. Future studies could focus on financial institutions under the other tiers. Practical implications The findings from the study enlightens policy-makers, managers of financial institutions, and financial inclusion advocates on the importance of cognition in enhancing financial literacy among the poor, especially in rural Uganda. Cognition combined with financial literacy helps the poor to make wise financial decisions and choices toward consuming financial services and products provided by formal financial institutions. This leads to increased scope of financial inclusion of the poor in rural Uganda. Therefore, advocates of financial literacy should assess community cultural cognition and utilize them to design and fashion effective financial literacy interventions that can promote financial inclusion. Originality/value The study uses Baron and Kenny and ModGraph excel software to test for the interaction effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural Uganda. While several studies exist worldwide on financial inclusion, this study is the first to test the interaction effect of cognition in the relationship between financial literacy and financial inclusion of the poor in rural areas in a developing country context.

scholarly journals Issues and Challenges of Financial Inclusion Among Low-Income Earners In Rural Areas of Malaysia

2021 ◽  
Vol 8 (Special Issue) ◽  
pp. 277-299
Author(s):  
Salihah Sharizan ◽  
Nur Harena Redzuan ◽  
Romzie Rosman
Keyword(s):  
Financial Institutions ◽  
Low Income ◽  
Rural Areas ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Education ◽  
Financial Inclusion ◽  
Primary Data ◽  
Structured Interviews ◽  
Finance Industry

Financial inclusion (FI) appears to be one of the main global agendas as it is an essential way of reducing poverty and increasing the economic growth of a country. FI is the provision of financial services to all segments of society in a more convenient, quality, and affordable way. In this study, the authors analyzed the issues and challenges faced from the two perspectives of the Financial Institutions (FIs) and the rural B40 group concerning the way of pursuing the exclusive of FI. Primary data was collected by conducting semi-structured interviews with four expert bankers from the Financial Institutions (FIs) in Kuala Rompin, Pahang, and two representatives from the B40 customers in the rural areas of Pekan, Pahang, Malaysia. Based on the findings, barriers faced by the supply sides of the FIs include 1) high risk of cost and security, 2) barriers in communication and lack of financial education, and 3) lack of proof documents. The other challenges are 1) competition with the conventional institutions, 2) default risk due to non-payment, and 3) internet connection problem. On the demand side, the issues and challenges found include 1) lack of confidence, 2) lack of proof documents, 3) misuse of capital, and 4) lack of financial literacy. Henceforth, the findings have significant implications for the Islamic banking and finance industry in exploring the current barriers faced in delivering financial inclusion to the lower segment of the society in Malaysia.

A decomposition of the gender gap in financial inclusion : evidence from Namibia

2020 ◽  
Vol 15 (4) ◽  
pp. 149-169
Author(s):  
Alfred Mukong ◽  
Nikanor Shiwayu ◽  
Teresia Kaulihowa
Keyword(s):  
Financial Institutions ◽  
Gender Gap ◽  
Financial Literacy ◽  
Probit Model ◽  
Individual Characteristics ◽  
Financial Inclusion ◽  
Financial Knowledge ◽  
Policy Action ◽  
Level Of Education ◽  
Disadvantaged Women

This paper investigated the determinants of the gender gap in financial inclusion in Namibia, a country where women are more financially included than men. We employed the probit model to identify the determinants of financial inclusion and the Fairlie decomposition to examine the contribution of these factors to the gender gap in financial inclusion. The results suggest that the observed gender gap in financially included is insignificant. We found that individual characteristics such as financial literacy, educational attainment and proximity to financial institutions, contribute positively and significantly to the observed gender gap. Thus, any policy action geared towards improving the level of financial inclusion of disadvantaged women should focus on enhancing their level of education, financial knowledge and access (proximity) to financial institutions. However, the contribution of other individual and household characteristics cannot be completely ignored.

A Descriptive study to assess the knowledge of Pradhanmantri Jandhan Yojana Among young adult people Bhandu Village of Mehsana District

2021 ◽  
pp. 322-324
Author(s):  
Jinal Patel
Keyword(s):  
Young Adult ◽  
Financial Literacy ◽  
Urban Areas ◽  
Universal Access ◽  
Insurance Coverage ◽  
Sampling Technique ◽  
Financial Inclusion ◽  
Research Approach ◽  
Significant Difference ◽  
Bank Accounts

“The Prime minister’s scheme Pradhan Mantri Jandhan Yojana (PMDJY)’ was launched on 28th August 2014 which envisages universal access to banking with a basic banking account with no minimum balance, financial literacy, access to credit insurance and pension. The account holders are benefited with an interest on their deposits, Accidental Insurance Coverage of Rest: 1,00,000/-, Life Insurance Coverage of Rest: 30,000/-, Easy transfer of Money across India, Govt. Schemes Direct Benefit Transfer, Access to Pension and Insurance products and Overdraft facility of up to Rs: 5,000/-. The scheme recorded with opening of15.30 crores accounts as on 29th April 2015, out of which 9.17 crore accounts in rural and 6.13 crores accounts in urban areas. The achievement of this scheme has also taken place in the Guinness Book of World Records for opening most number of bank accounts opened in one week as result of financial inclusion campaign dated August 23 – 29, 2014. The scheme has surpassed original target of opening bank accounts for 7.5 crore excluded households in the country by 26th January 2015 with banks already opening 11.50 crore accounts by 17th January 2015. Objective: To study the need for financial inclusion in India To discuss the salient features and basic pillars of PMJDY. To assess the progress made under the PMJDY. To make some suggestions for smooth functioning of this scheme. Hypothesis: H1: There is no significant association between the Age of the respondents and their First point of contact for getting advices/suggestions on finance H2: There is no significant difference between the Gender of the respondents and their Awareness about the benefits of - Pradhan Mantri Jan – Dhan Yojana (PMJDY)‖ scheme. H3: There is no significant relationship among variables of the benefits of Pradhan Mantri Jan - Dhan Yojana (PMJDY)scheme. Design: Survey-research approach using Descriptive pre-test design with one group. Participation: 50 Adult public were selected using Random sampling technique in Mehsana District. Tool: Self Structured Questionnaire was used to assess the level of knowledge of Adult public regarding PMDJY. Results: Distribution of mean, SD and mean percentage of awareness and knowledge regarding pradhan mantri jandhan yojana score of young adult people shows that the mean score (13.4±2.951) which is 67.00% of total score. Conclusion: The findings of the study revealed that teaching helps in improving knowledge regarding PMDJY among Adult people.

scholarly journals Indonesia PENGARUH LITERASI KEUANGAN TERHADAP INKLUSI KEUANGAN DENGAN MENGGUNAKAN SOCIAL CAPITAL SEBAGAI VARIABEL MEDIATOR

2020 ◽  
Vol 12 (1) ◽  
pp. 16-33
Author(s):  
Maya Angela Natalia ◽  
FLORENTINA KURNIASARI ◽  
Ernie Hendrawaty ◽  
Vina Medya Oktaviani
Keyword(s):  
Social Capital ◽  
Financial Institutions ◽  
Financial Literacy ◽  
Structural Equation ◽  
Equation Model ◽  
Financial Inclusion ◽  
The Government ◽  
Relationship Of ◽  
The Relationship ◽  
Mediator Variable

Abstract-MSMEs plays an important role to support Indonesia’s economic growth. There is an urgency to increase the financial literacy and skills for MSMEs, especially in managing their fund to make their businesses alive. The government believed that the financial literacy was one way to achieve the society prosperity by taking advantage from the collectivisim culture of Indonesian. This study is to examine the effect of financial literacy on financial inclusion by using social capital mediation at MSMEs in South Tangerang City. The questionnaires were distributed to some MSME’s district in South Tangerang regency. All data collection were furthered analyzed using Structural Equation Model on AMOS 24. The research showed that financial literacy does not affect financial inclusion, financial literacy affects social capital and social capital as a mediator variable on the relationship of financial literacy affects financial inclusion in MSMEs in South Tangerang City. It can be concluded that there is an influence of social capital that connects financial literacy to financial inclusion. All the stakeholders in the financial ecosystem in Indonesia, including financial institutions and the government as regulators, will be better to use the power of social capital to increase financial literacy and financial inclusion in Indonesia. Keywords: Financial Literacy, Financial Inclusion, Social Capital, SMEs, South Tangerang City

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