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.
Kumar et al. (Sun,) studied this question.