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Identifying Effective Communication Channels for Financial Inclusion: Evidence from Self-funded Retirement Plans

Author

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  • Devendra Kumar

    (Devendra Kumar (corresponding author) is an Associate Professor at the School of Humanities and Social Sciences, Head, Research Center, British International University, Erbil, KRI; and Adjunct Faculty, IILM, New Delhi, India. E-mail: devendra.kumar@britishuniversity.krd)

  • Rahul Singh

    (Rahul Singh is at IILM University, Gurugram, Haryana, India. E-mail: singh.rahul@iilm.edu)

Abstract

This study empirically examines the relative effectiveness of print and digital media in promoting self-funded retirement plans as a pathway to financial inclusion in India. Using data from the NABARD All India Financial Inclusion Survey (NAFIS) 2016–2017, and applying propensity score matching to mitigate selection bias, we compare how exposure to print and digital media influences household participation in voluntary retirement schemes. The findings reveal that for every 1,000 households, approximately 4.5 households that accessed financial information through digital media subscribed to a self-funded retirement plan, compared to only 2.5 households reached through print media. Nearly 80 per cent of Indian households remain without any retirement plan, with substantial state-level disparities in subscription patterns. By clearly distinguishing between traditional and digital communication channels, this study advances understanding of how information delivery shapes financial behaviour. The findings contribute to the policy discourse on effective communication for financial inclusion, offering guidance for prioritising digital outreach in national financial literacy initiatives. JEL Codes: G53, D14, I38, O16, L82

Suggested Citation

  • Devendra Kumar & Rahul Singh, 2025. "Identifying Effective Communication Channels for Financial Inclusion: Evidence from Self-funded Retirement Plans," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 19(2), pages 205-228, November.
    • Handle: RePEc:sae:mareco:v:19:y:2025:i:2:p:205-228
    DOI: 10.1177/00252921251394817
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    Keywords

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    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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