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Systematic Review of Financial Literacy Integration into National Economic Policy for Equitable Growth and Inclusion
Subject area: Management and Commerce · Area of research: Financial Literacy
Abstract
This systematic review examines the integration of financial literacy into national economic policies as a critical component for fostering equitable growth and inclusion. Financial literacy, defined as the ability to make informed and effective decisions regarding financial resources, is essential in enhancing economic participation, reducing inequality, and empowering marginalized communities. Despite its significant role in promoting financial inclusion, many nations struggle to incorporate financial literacy into their national policy frameworks effectively. This review synthesizes existing literature, government policies, and international best practices to assess the current state of financial literacy integration across various countries, particularly focusing on its impact on economic growth, poverty reduction, and financial inclusion. The review highlights the positive correlation between financial literacy and economic development, showing how financial education programs improve individual financial behaviors, such as saving, budgeting, investing, and borrowing. Furthermore, it discusses the barriers to integrating financial literacy into national economic policies, such as cultural resistance, lack of infrastructure, and inadequate funding. Successful case studies from both developed and developing nations are examined to identify best practices and strategies that have proven effective in promoting financial literacy at the national level. Key recommendations for integrating financial literacy into national economic policy include incorporating financial education into national curricula, promoting public-private partnerships, and focusing on digital literacy to address the growing digital divide. The review underscores the importance of a collaborative approach among governments, educational systems, and financial institutions in ensuring that financial literacy programs reach underserved populations, thereby advancing financial inclusion and fostering sustainable economic growth. This systematic review contributes to understanding the pivotal role of financial literacy in achieving inclusive economic development and offers actionable insights for policymakers worldwide.
Keywords
Systematic review, Financial Literacy, Integration, National economic policy, Equitable growth, Inclusion
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How to cite this paper
@article{1702748,
author = {Comfort Iyabode Lawal, Solomon Christopher Friday, Damilola Christiana Ayodeji, Adedamola Sobowale},
title = {Systematic Review of Financial Literacy Integration into National Economic Policy for Equitable Growth and Inclusion},
journal = {Iconic Research And Engineering Journals},
year = {2021},
volume = {4},
number = {11},
pages = {341-356},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1702748.pdf},
abstract = {This systematic review examines the integration of financial literacy into national economic policies as a critical component for fostering equitable growth and inclusion. Financial literacy, defined as the ability to make informed and effective decisions regarding financial resources, is essential in enhancing economic participation, reducing inequality, and empowering marginalized communities. Despite its significant role in promoting financial inclusion, many nations struggle to incorporate financial literacy into their national policy frameworks effectively. This review synthesizes existing literature, government policies, and international best practices to assess the current state of financial literacy integration across various countries, particularly focusing on its impact on economic growth, poverty reduction, and financial inclusion. The review highlights the positive correlation between financial literacy and economic development, showing how financial education programs improve individual financial behaviors, such as saving, budgeting, investing, and borrowing. Furthermore, it discusses the barriers to integrating financial literacy into national economic policies, such as cultural resistance, lack of infrastructure, and inadequate funding. Successful case studies from both developed and developing nations are examined to identify best practices and strategies that have proven effective in promoting financial literacy at the national level. Key recommendations for integrating financial literacy into national economic policy include incorporating financial education into national curricula, promoting public-private partnerships, and focusing on digital literacy to address the growing digital divide. The review underscores the importance of a collaborative approach among governments, educational systems, and financial institutions in ensuring that financial literacy programs reach underserved populations, thereby advancing financial inclusion and fostering sustainable economic growth. This systematic review contributes to understanding the pivotal role of financial literacy in achieving inclusive economic development and offers actionable insights for policymakers worldwide.},
keywords = {Systematic review, Financial Literacy, Integration, National economic policy, Equitable growth, Inclusion},
month = {May},
}