The Impact of Financial Literacy on Enhancing Financial Inclusion A Field Study on the Egyptian Case (2016-2023)

Document Type : Original Article

Authors

1 Assistant Professor of Economics - Faculty of Economics and Political Science - Cairo University

2 Economics researcher - Faculty of Economics And Political Science - Cairo University

Abstract

Financial Inclusion was important in increasing economic growth rates, contributing to economic stability, improving opportunities for growth and financial stability, combatting poverty and unemployment, and promoting social justice. The recent Corona pandemic since 2019 has shown the importance of relying on digital services. Due to its importance, Egypt has moved towards digitization and financial inclusion applications and has included it within its development strategy.
However, the necessary knowledge of financial products, concepts, and financial risks, and the low level of financial literacy among segments of society negatively affect financial inclusion.
Due to the positive impact of financial inclusion on the economy, the thesis aimed to examine the effects of financial literacy on enhancing financial inclusion in Egypt, which reflects on the economy as a whole.
The methodology relied on the analytical description of the case of financial inclusion as well as financial literacy. Furthermore, it aimed to design a questionnaire to statistically study the impact of Egyptian society's financial literacy on financial inclusion.
The study's conclusions were in line with previous studies, which showed low levels of financial literacy in Egypt, also the existence of a positive relationship between both financial literacy and financial inclusion, as well as the existence of a positive relationship between income levels and financial inclusion, and an inverse relationship between age group and financial inclusion.

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