Proximal Relationship between Financial Access and Completed Educational Level in India
Keywords:
Financial literacy, financial capability, financial services, financial accessAbstract
Availing of financial services like credit, deposit, payment and insurance are depending upon the ability of an individual and it is believed that this ability can be molded or shaped or influenced by education obtained through schools and colleges. Existing literature provide evidences on the role of education on livelihood, financial outcomes, financial choices and so on; also evidences for lower education leading to lower level of financial knowledge, behaviour and attitude and ability to take financial decisions. Therefore this study is done with a view to find out whether education helps to have greater financial access or not. ANOVA, Post- hoc, Chi-square test and correspondence analysis are employed to capture the proximal relationship. It is found that higher educational attainment leads for greater financial access. It is suggested that in order to ensure greater financial access education and higher level of education should be provided to all.
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