From Knowledge to Access: The Journey of Financial Literacy and Inclusion - By Saleh Adamu Kwaru CNA, FCCSA-USA
Financial literacy is often considered the foundational step toward achieving financial inclusion. Without the knowledge and skills to make informed financial decisions, individuals may struggle to access and effectively use financial services, which are essential for financial inclusion. Understanding the relationship between financial literacy and financial inclusion is crucial for economic development and individual financial well-being. Financial literacy refers to the knowledge and skills necessary to make informed financial decisions. It includes understanding financial products, budgeting, saving, investing, and managing debt. Financial literacy empowers individuals to navigate the complex financial landscape, make sound financial choices, and avoid potential pitfalls such as high-interest debt or fraudulent schemes. On the other hand, financial inclusion is the process of ensuring that individuals and businesses have access to useful and affordable financial product...