Lack of financial awareness and literacy is one of the main reasons behind lack of access to financial products or failure to use them even when they are available.
An NCAER and Max New York Life study shows that in India, around 60 percent of laborers surveyed indicated that they store cash at home, while borrowing from moneylenders at high interest rates – a pattern which increases their financial vulnerability. 9. Financial literacy and awareness are thus integral to ensuring financial inclusion.