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Financial Literacy and Inclusion in India: Evidence from Household-level Data after Demonetization

Author

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  • Anchal Khandelwal
  • Abhishek Vajjala
  • Anirudh Tagat

Abstract

This article examines the link between financial literacy and financial inclusion in India between 2015 and 2018 using household-level survey data. We explore heterogeneities by gender using data from households with female respondents. We find a strong and positive association between financial literacy and inclusion, and a small positive impact of the demonetization policy and the Pradhan Mantri Jan Dhan Yojana on inclusion. The subgroup analyses suggest that these associations are driven by men, those residing in the eastern states of India and belonging to the upper two quintiles of the wealth distribution. Limitations of the current work and implications for policy are discussed. JEL Codes: G53, G28, O16

Suggested Citation

  • Anchal Khandelwal & Abhishek Vajjala & Anirudh Tagat, 2025. "Financial Literacy and Inclusion in India: Evidence from Household-level Data after Demonetization," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 24(3), pages 331-359, September.
    • Handle: RePEc:sae:emffin:v:24:y:2025:i:3:p:331-359
    DOI: 10.1177/09726527251320228
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    Keywords

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    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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