The Importance of Financial Education for the Effective Use of Formal Financial Services
This paper examines global data on unbanked and underbanked consumers to highlight the role that improved financial literacy and capability could play in motivating and enabling the safe and beneficial use of financial services. The paper uses data from Global Findex, a demand-side survey on ownership and use of accounts at formal financial institutions. The paper reviews the self-reported barriers to account ownership and use cited by unbanked 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 that customers benefit from financial access.
| Main Authors: | , , |
|---|---|
| Format: | Working Paper biblioteca |
| Language: | English English |
| Published: |
World Bank, Washington, DC
2023-03
|
| Subjects: | FINANCIAL INCLUSION, DIGITAL FINANCE, ACCOUNT OWNERSHIP, MOBILE MONEY, FINANCIAL EDUCATION, |
| Online Access: | http://documents.worldbank.org/curated/en/099346003072335535/IDU06db1d7f504f4e04bdc086250f256d40d4253 https://openknowledge.worldbank.org/handle/10986/39520 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|