Investigating the Impact of Financial Inclusion Drivers, Financial Literacy and Financial Initiatives in Fostering Sustainable Growth in North India

The present study examines how successful we are in achieving financial inclusiveness, investigating the influence of the drivers of financial inclusion (FI), financial literacy, and financial initiatives on sustainable growth. The drivers of FI considered are digitalization, technology, and usage....

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Bibliographic Details
Published in:Sustainability 2022-09, Vol.14 (17), p.11061
Main Authors: Pandey, Amit, Kiran, Ravi, Sharma, Rakesh Kumar
Format: Article
Language:English
Subjects:
Digitization
Economic development
Economic growth
Employment
Financial inclusion
Financial institutions
Financial literacy
Financial management
Financial research
Financial services
Financial services industry
Informal economy
Mediation
Microfinance
Poverty
Rural areas
Social exclusion
Sustainability
Sustainable development
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Summary:The present study examines how successful we are in achieving financial inclusiveness, investigating the influence of the drivers of financial inclusion (FI), financial literacy, and financial initiatives on sustainable growth. The drivers of FI considered are digitalization, technology, and usage. This study proceeds with a difference and investigates the impact of the drivers on sustainable growth through the mediation of financial literacy. The basic purpose is to understand whether mediation assists in enhancing the impact of the drivers of FI on sustainable growth. Sustainable growth is measured by knowing customers’ perceptions regarding FI success through the achievement of the SDGs, viz., SDGs 1, 3, 5, 8, 9, 10, 11, and 17, especially related to poverty alleviation; removing gender inequality; and promoting industrial growth. The study uses PLS-SEM modeling to investigate the impact of the drivers of FI, financial literacy, and financial initiatives on sustainable growth. The results highlight that usage, digitalization, and FinTech emerged as significant drivers of FI. The study assesses the direct impact of the drivers of FI on sustainable growth and the indirect effect through the mediation of financial literacy. This is indicative of the importance of financial literacy in accentuating the impact of the drivers on sustainable growth. However, financial initiatives positively impact sustainable growth in the northern region of India as well.
ISSN:2071-1050
2071-1050
DOI:10.3390/su141711061