Significance of Financial Literacy as per Individual and Global Perspective

The paper addresses the growing focus on researching and measuring financial literacy and its implications, noting that most existing studies have primarily focused on vulnerable population sub-groups while neglecting better-off sections of society. It argues that for a sustainable financial system, financial literacy efforts must be extended to all individuals, including educated ones who can play a role in disseminating financial knowledge. The paper provides a comprehensive view of the importance of financial literacy from a global perspective and examines the determinants that influence the level of financial literacy of an individual.