Publication:
The Importance of Financial Education for the Effective Use of Formal Financial Services

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dc.contributor.authorAnsar, Saniya
dc.contributor.authorKlapper, Leora
dc.contributor.authorSinger, Dorothe
dc.date.accessioned2023-03-13T20:10:29Z
dc.date.available2023-03-13T20:10:29Z
dc.date.issued2023-03
dc.description.abstractThis 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/099346003072335535/IDU06db1d7f504f4e04bdc086250f256d40d4253
dc.identifier.doi10.1596/1813-9450-10345
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/39520
dc.languageEnglish
dc.language.isoen
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Papers; 10345
dc.rights.holderWorld Bank
dc.subjectFINANCIAL INCLUSION
dc.subjectDIGITAL FINANCE
dc.subjectACCOUNT OWNERSHIP
dc.subjectMOBILE MONEY
dc.subjectFINANCIAL EDUCATION
dc.titleThe Importance of Financial Education for the Effective Use of Formal Financial Servicesen
dc.typeWorking Paper
dspace.entity.typePublication
okr.crossref.titleThe Importance of Financial Education for the Effective Use of Formal Financial Services
okr.date.disclosure2023-03-07
okr.date.doiregistration2025-04-07T08:42:06.939031Z
okr.date.doiregistration2025-04-08T16:20:45.318238Z
okr.date.doiregistration2025-04-09T02:52:25.313702Z
okr.date.lastmodified2023-03-07T00:00:00Zen
okr.doctypePolicy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099346003072335535/IDU06db1d7f504f4e04bdc086250f256d40d4253
okr.guid099346003072335535
okr.identifier.doi10.1596/1813-9450-10345
okr.identifier.doihttps://doi.org/10.1596/1813-9450-10345
okr.identifier.externaldocumentum34016763
okr.identifier.internaldocumentum34016763
okr.identifier.reportWPS10345
okr.import.id32
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099346003072335535/pdf/IDU06db1d7f504f4e04bdc086250f256d40d4253.pdfen
okr.region.administrativeOther
okr.region.administrativeOther
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicFinance and Financial Sector Development::Access to Finance
okr.unitDECRG: Finance & Priv Sec Devt (DECFP)
relation.isAuthorOfPublication7d5093ed-b084-426c-80af-dda30c51d6d4
relation.isAuthorOfPublication.latestForDiscovery7d5093ed-b084-426c-80af-dda30c51d6d4
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