Financial Literacy as a Tool for Social Inclusion and Reduction of Inequalities: A Systematic Review

Mariela de los Ángeles Hidalgo-Mayorga, Mariana Isabel Puente-Riofrio (), Francisco Paúl Pérez-Salas, Katherine Geovanna Guerrero-Arrieta and Alexandra Lorena López-Naranjo
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Mariela de los Ángeles Hidalgo-Mayorga: Facultad de Ciencias Políticas y Administrativas, Universidad Nacional de Chimborazo, Riobamba 060101, Ecuador
Mariana Isabel Puente-Riofrio: Facultad de Ciencias Políticas y Administrativas, Universidad Nacional de Chimborazo, Riobamba 060101, Ecuador
Francisco Paúl Pérez-Salas: Facultad de Ciencias Políticas y Administrativas, Universidad Nacional de Chimborazo, Riobamba 060101, Ecuador
Katherine Geovanna Guerrero-Arrieta: Facultad de Ciencias Políticas y Administrativas, Universidad Nacional de Chimborazo, Riobamba 060101, Ecuador
Alexandra Lorena López-Naranjo: Facultad de Ciencias Políticas y Administrativas, Universidad Nacional de Chimborazo, Riobamba 060101, Ecuador

Social Sciences, 2025, vol. 14, issue 11, 1-24

Abstract: Financial literacy, defined as the set of knowledge, skills, and attitudes that enable individuals to make informed economic decisions and manage resources efficiently, is fundamental for social inclusion and the reduction of inequalities. This study, through a systematic review of the scientific literature using the PRISMA methodology, selected 120 primary studies that met the inclusion and exclusion criteria and presented a low risk of bias. These studies examined aspects related to financial literacy programs, the populations benefited, their effects, the challenges encountered, and the lessons that can guide the replication of these initiatives. The results show that the most frequent programs include training in basic financial concepts—savings, budgeting, access to banking services and microfinance—as well as workshops, seminars, and group training sessions. The populations most benefited were rural communities and women, although informal workers, migrants, and refugees could also significantly improve their financial inclusion and economic resilience. Among the positive effects, improvements were observed in income and expense management, increased savings, investment planning, preparation for emergencies and retirement, and the strengthening of economic empowerment and the sustainability of microenterprises and small enterprises. These findings highlight the importance of implementing financial literacy programs adapted to specific contexts to promote inclusion and economic well-being.

Keywords: financial education; economic well-being; vulnerable populations; inclusion; empowerment; PRISMA (search for similar items in EconPapers)
JEL-codes: A B N P Y80 Z00 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jscscx:v:14:y:2025:i:11:p:658-:d:1791240

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