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The Importance of Financial Education for the Effective use of Formal Financial Services / Saniya Ansar, Leora Klapper, Dorothe Singer.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Author/Creator:
- Ansar, Saniya, author.
- Singer, Dorothe, author.
- Klapper, Leora, author.
- Language:
- English
- Subjects (All):
- Education--Finance.
- Education.
- Physical Description:
- 1 online resource
- Place of Publication:
- Washington D.C. : World Bank, 2023.
- Summary:
- This paper examines global data on unbanked and underbanked consumers to highlight the role that improved financial literacy and capability could play in motivating and enabling the safe and beneficial use of financial services. The paper uses data from Global Findex, a demand-side survey on ownership and use of accounts at formal financial institutions. The paper reviews the self-reported barriers to account ownership and use cited by unbanked adults, and identifies the challenges faced by account owners who could not use an account without help. Together, these issues point to the importance of financial education to improve digital and financial literacy skills, in addition to product design that considers customer abilities, and strong consumer safeguards to ensure that customers benefit from financial access.
- Notes:
- Description based on publisher supplied metadata and other sources.
- Publisher Number:
- 10.1596/1813-9450-10345
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