Financial inclusion, financial education, and e‐commerce in rural china

Objective: The objective of this study is to analyze the importance of effective management of financial inclusion and education in the context of sustainable development, highlighting its impact on the achievement of the SDGs. It also aims to identify the main challenges faced by vulnerable populations in accessing financial services and propose comprehensive strategies to improve financial literacy and accessibility, contributing to a more inclusive and equitable society. Theoretical Framework: For this research we have several relevant approaches and theories such as: financial inclusion theory; its relationship with the SDGs; financial education theory, as well as inclusion and sustainable development. Method: The methodology adopted for this research comprises a qualitative approach, based on the review of documents, public policies and government programs on financial inclusion and education to assess their effectiveness with respect to the SDGs. Data from the World Bank's Data Dashboard (The Global Findex Database, 2024) was analyzed using content analysis, which allowed identifying key themes and gaining a deeper understanding of the perceptions and experiences related to the evaluated programs.. Results and Discussion:The results obtained revealed that, although there is progress in financial inclusion in Mexico, there are still areas of opportunity to improve access to and use of financial services, especially among the most vulnerable segments of the population. It is necessary to highlight the need to continue working on the promotion of financial inclusion in Mexico and in other regions, through public policies that promote financial education, technological innovation, and collaboration between the public and private sectors. Research Implications: The practical implications of this research include the improvement of public policies and programs focused on financial inclusion and education, promoting more equitable access to financial services in vulnerable populations. At a theoretical level, the study provides a deeper understanding of the relationship between financial management and sustainable development, offering a conceptual framework that links financial inclusion with the SDGs. This strengthens the academic analysis on how financial education can drive inclusive economic growth. Originality/Value: The originality and value of this research lies in its focus on the direct relationship between financial inclusion and financial education with the SDGs, an area underdeveloped in the literature. The research offers a new perspective by assessing how financial education can be a key tool for achieving equitable and sustainable development. Its contribution to the literature is in providing a detailed analysis of public policies and government programs, highlighting their effectiveness and identifying areas for improvement, which brings a comprehensive and updated approach to the study of financial inclusion.

This paper explores the correspondence between financial literacy, financial education, and financial inclusion, as well as the impact these interdependent concepts have on economic and social development. The research was structured into three main stages: a theoretical analysis of the concepts, quantitative research for testing the formulated hypotheses, and qualitative research to deepen the understanding of perceptions regarding the studied phenomenon. The results highlight that financial literacy provides the necessary foundations for individuals to understand basic financial concepts and make informed financial decisions. Financial education extends this understanding by developing advanced financial skills that enable individuals to apply financial concepts in complex contexts. Similarly, financial inclusion relies on financial literacy and financial education to ensure equitable access to financial services and to support the full integration of all individuals into the financial system. Thus, financial literacy, financial education, and financial inclusion are three fundamental, closely interconnected concepts that play an essential role in improving the economic well-being of individuals and society. While financial literacy forms the basis of the essential knowledge required for financial management, financial education builds upon this knowledge and develops advanced financial skills. Financial inclusion is a direct outcome of these processes, ensuring fair access to financial services and promoting a more balanced and sustainable economic system. The study emphasizes the importance of integrating these dimensions into public policies and sustainable development strategies.

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Purpose The purpose of this article is to demonstrate how artificial intelligence (AI) enables financial education and inclusion for Indigenous communities in Peru. Design/methodology/approach An analysis of the context of AI in the field of financial education and inclusion in Peru was conducted. Subsequently, the study highlighted the case of the digital tool Illariy, which uses AI to educate on savings habits and financial products in Indigenous languages (Quechua, Aymara and Shipibo-Konibo). Finally, the contributions of AI to financial inclusion for Peruvian Indigenous communities were reflected upon. Findings The study evidenced that AI can reduce linguistic and cultural barriers by promoting financial inclusion for Peru’s Indigenous communities. Illariy, an avatar developed in the Quechua language, enables the preservation and valorization of cultural traditions, fostering trust in the financial system. Additionally, the importance of integrating enabling tools to disseminate information in Indigenous languages and revitalize endangered languages is highlighted. Practical implications The use of AI allows for the preservation of Indigenous languages spoken by financially marginalized groups. It also facilitates the dissemination and communication of financial information in Indigenous languages. Originality/value This article addresses a scarcely explored context within Peruvian Indigenous communities, emphasizing the contributions that AI can make to financial education and inclusion.

PurposeThe main objective of this paper is to examine how short- and long-term dynamics can be promoted through economic growth policies, financial inclusion initiatives, institutions and ICT infrastructure development. The study focuses on West African Economic and Monetary Union (WAEMU) member countries over for the period 2000–2020 and the empirical evidence is based on the autoregressive distributed lag (ARDL) method. Our empirical results show that the synthetic index variables of financial inclusion, ICT infrastructure development and individual or composite governance institutions indicators are positively and significantly interrelated in both the short and long runs. A dynamic combination of variables is essential for WAEMU countries to achieve long-term economic development. Policy implications are discussed.Design/methodology/approachConsistent with our goal of testing the dynamics of financial inclusion, governance and ICT on economic growth, we will estimate our equations using the ARDL panel method. ARDL models or autoregressive models with staggered or distributed delays are dynamic models. The particularity of these models is that they take into account temporal dynamics (i.e. expectations, adjustment delays and inter alia), so we adopted a lagged autoregressive model (ARDL). The popularity of the ARDL approach also stems from the fact that the cointegration of nonstationary variables is equivalent to an error correction (EC) process.FindingsThe empirical results simultaneously depict strong endogenous associations between these variables in the short and long run. The short-run analysis indicates that economic growth, financial inclusion, institutional quality and ICT infrastructure development are strongly interdependent. These union states, in their economic growth policies, encourage the financial inclusion (access and penetration of bank branches) of disadvantaged communities. However, efficient institutional policies reinforce this sustainable growth. The efficient use of telecommunications infrastructure requires the regulation of informal employment in WAEMU countries for the better deployment of efficient, secure and cost-effective digital financial payment systems (fintech).Research limitations/implicationsThe findings in this study evidently leave space for future research, especially as it concerns considering how composite governance can be employed as a moderating indicator for financial inclusion. In conclusion, there is an interdependence between financial inclusion, ICT, institutions and economic growth. An effective combination of these elements can create an ecosystem conducive to economic development by promoting access to financial services, harnessing the benefits of ICT and building robust institutions. However, challenges can also arise, such as the need for appropriate regulations and security guarantees for electronic transactions.Practical implicationsGovernments should strengthen financial inclusion and promote policies aimed at improving access to financial services, such as microcredits, mobile banking and initiatives for the unbanked. Financial education is crucial for enhancing financial inclusion. Educational programs that teach citizens how to use financial services can increase participation and stimulate economic growth. Moreover, policies should focus on improving digital infrastructure, such as broadband networks and data centers, to facilitate access to the internet and other technologies and to promote innovation and startups. Governments should strive to create a balanced regulatory framework that encourages investment and innovation while avoiding excessive regulation that could hinder growth. Implementing targeted regulatory reforms to improve efficiency and transparency can enhance investor confidence and support a more dynamic economic environment.Originality/valueThis work constitutes a considerable contribution to the literature on finance, institutions and growth in WAEMU countries and in terms of methodology. The findings in this study evidently leave space for future research, especially as it concerns considering how composite governance can be employed as a moderating indicator for financial inclusion. In conclusion, there is an interdependence between financial inclusion, ICT, institutions and economic growth. An effective combination of these elements can create an ecosystem conducive to economic development by promoting access to financial services, harnessing the benefits of ICT and building robust institutions.

This study explores the critical relationship between financial inclusion and financial literacy, highlighting their roles in fostering economic development and reducing inequality. Financial inclusion refers to the availability and accessibility of financial services to all individuals, regardless of their socio-economic status. Financial literacy, on the other hand, is the knowledge and understanding of financial concepts that enable individuals to make informed and effective financial decisions. This paper investigates how financial literacy impacts financial inclusion, examining the barriers to inclusion that low financial literacy may create. By analyzing data from various demographic groups, the study reveals a positive correlation between financial literacy and financial inclusion, suggesting that improving financial literacy can significantly enhance financial inclusion. The findings underscore the importance of targeted educational initiatives and policy interventions aimed at increasing financial literacy as a means to achieve broader financial inclusion. Financial inclusion and financial literacy are two interconnected pillars essential for achieving sustainable economic growth and reducing poverty. In an increasingly complex financial world, access to financial services and the ability to use them effectively are crucial for individual and societal well-being. Financial inclusion ensures that individuals have access to basic financial services such as savings, credit, insurance, and payment systems, which are fundamental to participating fully in the economy. However, access alone is not sufficient. Without a basic understanding of financial concepts—such as interest rates, inflation, and investment risks—individuals may struggle to make informed financial decisions. This gap in financial literacy can lead to suboptimal use of financial services, perpetuating cycles of poverty and economic exclusion. This paper seeks to explore the dynamic relationship between financial literacy and financial inclusion, focusing on how enhancing financial literacy can lead to greater financial inclusion. The study also considers the role of policymakers, financial institutions, and educational bodies in fostering environments where both financial literacy and inclusion can thrive. Understanding the relationship between financial inclusion and financial literacy is critical for advancing economic development and reducing poverty. Financial inclusion plays a crucial role in enabling individuals to participate fully in the economy, while financial literacy equips them with the necessary skills to make informed decisions about their financial resources. Despite global efforts to enhance financial inclusion, millions of people, particularly in developing countries, remain excluded from the formal financial system. This exclusion is often exacerbated by low levels of financial literacy, which prevents individuals from effectively using available financial services. The significance of this research lies in its potential to inform policymakers, educators, and financial institutions about the importance of integrating financial literacy programs with financial inclusion strategies. By demonstrating the impact of financial literacy on financial inclusion, this study underscores the need for targeted interventions that address both access to financial services and the ability to use them wisely. Benefit 1: Accessibility (0-10), Benefit 2: Impact on Savings (0-10), Non-Benefit 1: Implementation Cost (USD thousands), Non-Benefit 2: Complexity (0-10). Mobile Banking, Financial Literacy Workshops, Microfinance Programs, School-based Financial Education, Government Subsidized Savings Accounts. The results indicate that Financial Literacy Workshops achieved the highest rank, while Microfinance Programs had the lowest rank being attained. The value of the dataset for Corporate financial inclusion and financial literacy according to the WASPAS Method, Integrated Pest Management achieves the highest ranking “.

The effort to make financial services accessible and affordable for everyone is known as financial inclusion. Large technology firms, such as Apple, Alibaba, Amazon, Facebook, eBay, Google and Tencent, have recently started to offer financial services that include payment, insurance and loans. The entry of these so-called big techs could pose opportunities as well as challenges related to financial inclusion. On one hand, big techs have the potential to draw large numbers of people who do not use banks or financial institutions—known as unbanked people—into the financial system. On the other hand, improved financial inclusion may lead to elevated fraud risks if people lack the required knowledge and skills to use the services safely. It may even lead to undesirable financial outcomes, such as over-indebtedness, which could eventually introduce financial stability risks to the larger financial system. The objective of this paper is twofold. First, we assess whether financial education might be a suitable tool to promote the financial inclusion opportunities that big techs provide. Second, we study how this potential financial inclusion could impact financial stability. We do so by reviewing and summarizing the existing literature on financial education, financial literacy and financial inclusion. Our literature review shows that financial education can improve people’s financial knowledge and skills and help improve financial inclusion, but only if the financial education initiatives are well designed. The effectiveness of financial education strongly depends on the timing of the program, its format as well as the type of financial behaviour it aims for. The impact of financial education also varies, depending on who is targeted. Whether these conclusions can be extended to the financial services offered by big techs remains unclear. Therefore, we argue that new empirical research is needed. We also find that increased access to credit could potentially introduce financial stability risks if adequate risk management and monitoring programs are lacking. Because of this, we underline the importance of an appropriate regulatory framework. We conclude with various questions for further research.

Poverty is one of the main challenges of the contemporary world. The Covid-19 pandemic has worsened the already slow pace of poverty reduction around the world. Some countries have managed to avoid the further growth of poverty, while others failed to overcome the problem. The troubles caused by the pandemic were also added to those caused by Russia-Ukraine war. If this trend continues, millions of people will still live in poverty in the future. The governments of almost all the countries, including Georgia, are actively taking various steps to reduce poverty, inter alia, largely by strengthening financial inclusion and financial education. Lack of financial inclusion is a challenge for low- and middle-income countries, which leaves millions without access to formal financial services. Another important barrier to overcoming poverty is the lack of financial education, one of the most important life skills for everyone. Without understanding basic financial concepts, it is quite difficult to make correct decision. Differences in financial education may affect wealth, inequality and poverty. The presented paper studies the impact of financial education and inclusion on poverty in Georgia based on the processing and analysis of secondary data, academic works, and reports of various international and local organizations.

PurposeFocusing on micro-level indicators, we investigate financial inclusion levels in rural China, examining its determinants and impact on household welfare. We construct a financial inclusion index of four essential financial services: savings, digital payments, credit and insurance. We identify factors influencing financial inclusion among Chinese rural households and assess the effects of financial inclusion on household welfare.Design/methodology/approachWith the entropy method, we use data from the 2019 China Household Finance Survey to assess financial inclusion levels in rural China. Determinants and their impact on welfare are analyzed through probit and ordinary least squares models, respectively. Propensity scoring matching is applied to address potential endogeneity.FindingsWe reveal that rural households exhibit limited usage of formal financial services, with notable regional disparities. The eastern region enjoys the highest financial inclusion and the central region lags behind. Household characteristics such as family size, education level of the household head, income, employment status and financial literacy significantly influence financial inclusion. Financial inclusion positively impacts household welfare as indicated by household consumption expenditure. The use of different types of financial services is crucial with varying but significant effects on household welfare.Originality/valueThis study offers valuable insights into China’s rural financial inclusion progress, highlighting potential barriers and guiding government actions.

The paper is aimed at examining the link between financial literacy and financial inclusion in the presence of social interaction. An established theoretical framework was used, and tested questionnaire was employed to test the hypotheses and data collection. Smart PLS was used as the data is primary in nature. The model is a considered to be a strong model as the effect size is 0.76. Results show that behaviour and knowledge contribute to have an impact on financial inclusion while skills and attitude do not significantly influence, which implies a significant positive influence of financial literacy on financial inclusion. Also, it was found that social interaction moderates the relationship between financial literacy and inclusion as hypothesized in the study. These results imply that in order to improve knowledge and understanding of financial ideas and practises, policy makers, financial institutions, and groups working on financial inclusion projects should concentrate on offering financial education and literacy programmes. Also, tailored interventions must be considered by the policymakers and organizations that combine financial literacy programs with opportunities for social interaction. These interventions could involve interactive workshops, community-based financial education initiatives, and social platforms that facilitate knowledge sharing and peer support.

Forte, K. S., Taylor, E. W., & Tisdell, E. J. (Eds.). (2014). Financial Literacy and Adult Education. New Directions for Adult and Continuing Education, 141. San Francisco, CA: Jossey-Bass. 112 pp. ISBN: 978-1118-85003-9 (paperback) With the recent economic downturn, high unemployment rates, changes in employer retirement plans, increased health care costs, and decreased savings, it is now more important than ever that individuals be financially literate. The purpose of Financial Literacy and Adult Education, edited by Forte, Taylor, and Tisdell (2014), is to highlight how adult education theories and ideas can be utilized to teach financial literacy, thus improving an individual's financial stability. They draw from scholars in the fields of adult education and financial literacy to illuminate the opportunity to inform one another. The first four chapters highlight factors that affect financial learning. In Chapter 1, Forte encourages financial educators to consider sociocultural issues when developing adult financial education programs. She suggests financial educators engage in culturally responsive teaching, which emphasizes learning about learners, matching the materials and lessons to learners' needs, demonstrating cultural caring, and building a learning community. Buckland, in Chapter 2, examines how financial exclusion (e.g., being unable to rely on mainstream banks for financial services) creates structural barriers that can reinforce poverty. He illustrates how situated learning theory could provide a foundation for understanding adults' learning and recommends improving community relationships, providing greater access to mainstream banks and financial tools to create a better learning experience and ultimately assist low-income individuals. In Chapter 3, Way explores the theory of reasoned action, the theory of planned behavior, and the transtheoretical model of change as tools to assist educators in structuring financial education to yield more productive results. Way details the impact of financial interventions focusing on interpersonal interactions, community and organizational settings, and policy and systems, and presents an ecological model that illustrates how interventions can modify behavior. Jarecke, Taylor, and Hira, in Chapter 4, explore financial literacy education for women and suggest instructional strategies to meet their unique needs. English, in Chapter 5, urges adult educators to examine their own assumptions and to critically reflect on financial education programs. …

This paper aims to contribute to the existing body of knowledge on the socio-economic effect of financial literacy on the financial inclusion of women. By shedding light on the importance of financial literacy and the barriers women face, policymakers, financial institutions, and organizations can develop targeted strategies and interventions to promote women's financial inclusion, ultimately leading to improved socio-economic outcomes and gender equality. This study employed the probit regression on the National Bureau of Statistics general households’ survey data to appraise the effect of financial literacy on financial inclusion of women in Niger State. The estimation result shows that financial literacy positively and statistically influences financial inclusion options (cash at hand, purchasing power, account ownership, bank access, and credit access) in Niger state. Similarly, education status, age, and gender are determinants of financial inclusion. The study concluded that financial literacy is essential for achieving financial inclusion among women. To encourage financial inclusion among women, the study recommends that the government should initiate programs that will train women and also include financial literacy education at secondary or tertiary level to teach skills and information on how to utilize and manage financial services and products. The Central Bank should also mandate that the financial institutions to establish customer financial advisory units to educate their clients on managing and using financial products and services available to them to create wealth, thus improving living standards

This paper discusses the status of financial inclusion, education, and literacy in Azerbaijan as well as measures to foster the development of SMEs, which currently have inadequate access to financial resources. The primary policy challenge faced by the government of Azerbaijan is defining its role in creating broader access to financial products and services. This paper highlights the challenges faced in overcoming the barriers to financial inclusion, and solutions found, and discusses the main lessons learned and a potential way forward. The first section of the paper provides detailed information on the national financial system. The second section covers the status of financial inclusion for individuals and SMEs. The third section analyzes different (supply and demand) aspects of barriers to financial inclusion, while the remaining sections present policies aimed at promoting financial regulation, literacy, and education. Finally, the paper presents key policy recommendations.

This article examines Islamic financial literacy and inclusion in advancing the green economy. The purpose of this article is to find out how Islamic financial literacy and inclusion advance the green economy. The method of writing the article uses a qualitative approach, the type of article is a literature research, data sources are obtained from several books and other sources such as journals related to the study of this article. The results of this study are: Financial inclusion that is useful for increasing financial access for the Indonesian people is one way to overcome various causes of low financial literacy. This statement is in accordance with the plan of the Indonesian National Financial Survey which has included pillars regarding financial education with the aim of developing financial goods and services. Through the use of financial products, the availability of financial services, especially those on a micro scale, can help lower-middle-class people improve their quality of life.

This study employs bibliometric and visualisation techniques to analyse global trends in financial inclusion and the innovative tools that promote it. By examining a multi-database compilation of 4202 documents sourced from Scopus and Web of Science, the significant role of book chapters in disseminating research in this field is highlighted. Our analysis reveals rapid growth in publications, particularly from China and India, and identifies key influential works and authors. Additionally, it is observed that financial inclusion is approached from a multidisciplinary perspective. The findings of this study also indicate a shift in research focus from traditional concepts such as “housing” and “banking” to “digitalisation” and “sustainability.” Key research trends in financial innovative tools include regulatory frameworks, mobile money, and financial education. The issues discussed in this article seek to contribute to the ongoing dialogue on developing intellectual frameworks withing the financial inclusion literature. They offer valuable insights for policymakers, industry practitioners, and researchers in the fields of financial innovation and inclusion.