Do Women’s Financial Literacy Accelerate Financial Inclusion? Evidence from Pakistan

R. M. Ammar Zahid (), Safia Rafique (), Muzammil Khurshid (), Wajid Khan () and Ikram Ullah ()
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R. M. Ammar Zahid: Yunnan Technology and Business University
Safia Rafique: Virtual University of Pakistan
Muzammil Khurshid: University of the Punjab
Wajid Khan: University of Baltistan
Ikram Ullah: University of Malakand

Journal of the Knowledge Economy, 2024, vol. 15, issue 1, No 172, 4315-4337

Abstract: Abstract Financial literacy is crucial to financial inclusion and facilitates access to and use of formal financial services and products. This study aims to investigate the role of financial literacy in improving financial inclusion among Pakistan’s women (a country characterized by a high gender gap and lower financial inclusion). A positivist philosophy was adopted and a survey design using a self-administered structured questionnaire was used to collect data from a sample of working women and university graduates. Initially, a pilot test was conducted on a sample of 80 respondents to confirm the reliability and validity of the questionnaire used. Final sample of 478 respondents was analyzed using inferential descriptive statistics and covariance-based structural equation modeling (CBSEM). The findings demonstrate that different aspects of financial literacy, i.e., savings management practice, debt management practice, investment management practice, and financial planning management practice, have a significant positive impact on financial inclusion among women. The findings are supported by theories of behavioral finance (i.e., self-efficacy and goal setting theory) and institutional theory. The study contributes to the existing literature on the relationship between financial literacy and financial inclusion and has implications for policymakers and practitioners in the financial sector in Pakistan.

Keywords: Financial inclusion; Financial literacy; Financial planning; Working women; Pakistan (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s13132-023-01272-2

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