The Impact of Socio-Economic and Psychographic Factors on Financial Inclusion

Babita Jha, Lokesh Vijayvargy, Srikant Gupta

Source Title: International Journal of Applied Behavioral Economics (IJABE)11(1)

ISSN: 2160-9802|EISSN: 2160-9810|EISBN13: 9781683182665|DOI: 10.4018/IJABE.305116

MLA

Jha, Babita, et al. "The Impact of Socio-Economic and Psychographic Factors on Financial Inclusion." IJABE vol.11, no.1 2022: pp.1-17. http://doi.org/10.4018/IJABE.305116

APA

Jha, B., Vijayvargy, L., & Gupta, S. (2022). The Impact of Socio-Economic and Psychographic Factors on Financial Inclusion. International Journal of Applied Behavioral Economics (IJABE), 11(1), 1-17. http://doi.org/10.4018/IJABE.305116

Chicago

Jha, Babita, Lokesh Vijayvargy, and Srikant Gupta. "The Impact of Socio-Economic and Psychographic Factors on Financial Inclusion," International Journal of Applied Behavioral Economics (IJABE) 11, no.1: 1-17. http://doi.org/10.4018/IJABE.305116

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Abstract

Financial inclusion is a crucial factor in mainstreaming the low-income population with the formal financial system. It provides access to credit and provides a broad range of financial services. However, factors like illiteracy, inadequate income, and lack of awareness limit the poor people to utilize services offered by the bank. The study examines the Financial Attitude (FA), Financial Behavior (FB), and Financial Knowledge (FK) among the people of Rajasthan and interprets the effect on financial inclusion. This research is segregated based on aspects leading to financial exclusion like age, gender, income, education level, occupation, demographic, etc. The comprehensive research in studying the impact of socio-economic and psychographic factors on financial inclusion reveals that people are concerned about saving money for their future but still, there an enormous scope of better utilization of savings.