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Impact of Financial Literacy, Cognitive Abilities and Demographics Characteristics on Financial Inclusion

Noureen Umer,Hadia Khan,M. Zada,Wahab Ahmed,SM Nabeel Ul Haq

Published 2023 in Research Journal for Societal Issues

ABSTRACT

This study aims to assess the relationship between cognitive ability, financial literacy, and financial inclusion of women in Gwadar. A cross-sectional research design was employed, with quantitative data collected through questionnaires. A total of 306 samples were analyzed using partial least squares structural equation modeling (PLS-SEM). The findings reveal that cognitive ability and financial literacy significantly impact women's level of financial inclusion. Moreover, both cognitive ability and financial literacy directly influence financial inclusion, considering control variables and demographics. This study highlights the importance of enhancing cognitive ability and financial literacy among women for supporting financial inclusion. Policymakers, financial institution managers, and advocates of financial inclusion can benefit from understanding these relationships. To promote financial literacy effectively, advocates should assess the cognitive abilities of communities and incorporate them into the development of interventions. This research contributes to the literature on financial inclusion by examining the relationship between cognitive ability, financial literacy, and financial inclusion among rural women in Gwadar, offering valuable insights in the context of a developing country.

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