Addressing Financial Exclusion through Financial Literacy training programs: a Systematic Literature Review

Abstract

The development of financial literacy (FL) is significantly influenced by financial literacy training programs (FLTPs), which aid in creating an ecosystem that is more inclusive and participative. This study reviewed 22 studies on FLTPs for marginalised women in developed and developing countries. It seeks to comprehend (a) the characteristics of FLTPs and (b) the impact of FLTPs on women’s financial behaviour. The findings highlight that existing research has demonstrated an overall improvement in post-training financial behaviour, particularly in bank ownership, savings, and expenditure. This indicates that FL programs and interventions can positively impact women’s financial inclusion and empowerment. However, the study also acknowledges the need for further research to delve into women’s specific challenges in various regions and contexts. Understanding these unique challenges is crucial for developing targeted strategies that address women’s particular needs and circumstances in different situations. This study provides valuable insights and guidance to various stakeholders – practitioners, academics, and policymakers – enabling them to make informed decisions and implement impactful measures to promote FL and inclusion among women.