Financial Literacy and Education in Enhancing Financial Inclusion and Poverty Alleviation

The sophistication of financial services, the development of the national welfare system, and the growing number of mobile individuals make financial literacy an essential life skill in emerging economies. Financial inclusion (FI) is crucial for marginalized and financially disadvantaged populations to fully participate in their country’s development and serve as a safety net against social and economic shocks. FI guarantees equitable, transparent, and fairly priced access to appropriate financial products and services for rural populations (Ibor 2023). It is a key component of national inclusive growth strategies, aiming to make financial services accessible to low-income, marginalized, and vulnerable communities through inclusive funding. India launched FI in 2005, and major development agencies and countries are promoting FI to reduce poverty and empower people. National central banks have launched and supported programs to promote global FI.