Empowering Communities: Enhancing Financial Literacy and Inclusion Across Asia

Abstract

This study examines the importance of financial inclusion and financial literacy in achieving Sustainable Development Goal 1 (SDG 01) of reducing poverty within Asia. It highlights the significance of fostering financial inclusion and spreading financial literacy for economic prosperity in the region. Despite the progress made in combating poverty and enhancing financial commodities, challenges persist, particularly regarding insufficient accessibility to basic financial amenities and a lack of knowledge in handling finances. However, a substantial portion of the Asian population lacks access to the financial literacy skills necessary for utilizing financial facilities and achieving financial inclusion. It reviews the current situation of financial inclusion and financial literacy in the region, explores the factors influencing these concepts, and highlights government initiatives aimed at fostering financial inclusion and literacy. Asia, with its diverse cultural and socioeconomic contexts, presents unique challenges and opportunities for promoting financial literacy and inclusion. The region’s growing population, emerging economies, and increasing middle-class underscore the importance of these factors. Ensuring that individuals have access to financial services and the knowledge and skills to manage their finances effectively can support economic development and poverty reduction, and create an inclusive and equitable society. By addressing the challenges of limited access to financial amenities and promoting financial literacy among the population, it is possible to foster economic growth, reduce poverty, and create more inclusive societies.

Citation

Ahsan, N. and Ahmed, M. (2023), "Empowering Communities: Enhancing Financial Literacy and Inclusion Across Asia", Leong, C.-M., Ali, M., Raza, S.A., Puah, C.-H. and Eksi, I.H. (Ed.) Financial Inclusion Across Asia: Bringing Opportunities for Businesses, Emerald Publishing Limited, Leeds, pp. 97-107. https://doi.org/10.1108/978-1-83753-304-620231008