In Italy SMEs account for about 80 per cent of total employment and 68 per cent of business value added. In 2011 micro enterprises – firms with fewer than 10 employees – accounted for around a third of the Italian firms’ total value added, 8 percentage points higher than the European average.
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.