Exploring the Role of Financial Literacy in Enhancing Financial Inclusion Across Demographic Groups

AbstractThis study explores the interplay between financial literacy and financial inclusion, examining how individuals across diverse demographic groups access and effectively use financial services. By understanding the scope and impact of financial literacy on economic decision-making, the study highlights the empowering role of financial knowledge in enhancing financial inclusion, which is essential for personal and community economic resilience. The research assesses levels of financial literacy regarding investment shares, insurance awareness, and borrowing behaviours while considering variables such as age, gender, and community group.Primary data were gathered through structured interviews with 260 respondents selected via stratified random sampling. This study’s findings have significant implications for financial policy and practice. They highlight the need for targeted financial education programs, especially for underrepresented groups, to bridge knowledge gaps and promote effective engagement with financial services. These insights underscore that integrating financial literacy initiatives with accessible financial services can foster sustainable economic growth and reduce financial vulnerability, benefiting both individuals and communities.