For example, if we look at the distribution of debt by income, we can see that the big increases in household debt over the past decade have been at the high end of the income distribution (Graph 3). Households in the top two income quintiles account for 75 per cent of all outstanding household debt (Graph 4).
For the resource-poor largely excluded population, financial literacy would invariably involve addressing deep entrenched behavioral and psychological factors that are major barriers to participating in the financial system.