Effect of financial literacy on usage of unconventional banking and non-banking financial services across countries

I examine the influence of financial literacy on unconventional banking and non-banking financial services across countries. The results demonstrate that financial literacy encourages electronic payment, mobile phone payment and remittance. Consideration of endogeneity also does not alter the findin...

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Bibliographic Details
Published in:Economics letters 2022-08, Vol.217, p.110679, Article 110679
Main Author: Mahmood-ur-Rahman
Format: Article
Language:English
Subjects:
Financial development
Financial inclusion
Financial institutions
Financial literacy
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Summary:I examine the influence of financial literacy on unconventional banking and non-banking financial services across countries. The results demonstrate that financial literacy encourages electronic payment, mobile phone payment and remittance. Consideration of endogeneity also does not alter the findings. •I analyse financial literacy-broader financial inclusion nexus.•Financial literacy promotes unconventional and non-banking financial services.•But financial literacy does not affect usage of insurance related services.•Consideration of endogeneity also does not alter the findings.
ISSN:0165-1765
1873-7374
DOI:10.1016/j.econlet.2022.110679