Role of Financial Literacy in Financial Inclusion in the Sundargarh District of Odisha
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Role of Financial Literacy in Financial Inclusion in the Sundargarh District of Odisha
Sumitra Naik1, Snigdharani Panda2, Snehalata Das3
1,2,3School of Tribal Resource Management,
Kalinga Institute of Social Sciences (KISS) Deemed to be University, Bhubaneswar, India, 751024
Corresponding Author: Snigdharani Panda,
Associate Professor & Chairperson Council of Deans
ORCID-0000-0002-4469-0811
snigdharani.panda@kiss.ac.in
Abstract
Financial literacy is very much crucial for helping people become a part of the financial inclusion. It is something every family should become financially stable as well as improve their quality of life. This research looks at how financial literacy assists tribal people in the Sundargarh district of Odisha to be more financially included. This research has also studies how different factors like gender, age, education, income along with social status affect financial literacy as well as, in turn, financial inclusion. In this research primary data have been collected from 104 people using structured interview. To test the main idea of this study, regression analysis along with some relevant statistical tools has been used. The finding shows a significant positive relationship between financial literacy and financial inclusion, as well as between economic status and financial literacy. The research has also pointed out important challenges such as low awareness of financial programs, poor infrastructure, as well as weak efforts to include tribal people in financial services. The resrach has found that financial literacy relies on socio economic factors, which in turn leads to greater participation in financial system. The results of this study suggest that there is a strong need for financial education policies to empower marginalized tribal communities along with support inclusive economic growth.
Keywords: Financial Literacy, Financial Inclusion, Financial Services, Socio-Economic Status, Sundargarh District, Tribal Communities
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