2023
DOI: 10.1002/jid.3774
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Farmers' awareness of digital credit: Does financial literacy matter?

Abstract: This study investigates the relationship between financial literacy and farmers' awareness of digital credit in rural Madagascar. We apply questions that demonstrate individuals' understanding of the four fundamental concepts for financial decision making: numeracy, interest compounding, inflation and risk diversification to measure farmers' financial literacy. We find that financial literacy has a positive and statistically significant effect on farmers' awareness of digital credit. Our study highlights the i… Show more

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Cited by 7 publications
(3 citation statements)
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References 67 publications
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“…On the one hand, many studies mentioned financial education level's influence on individuals' use of financial services and participation in financial activities. For example, financial literacy has a positive and significant impact on farmers' awareness of digital credit, and the improvement in education level can increase residents' efficiency in using the conveniences created by financial inclusion (Sarfo et al 2023). As mentioned above, the development of financial inclusion can increase the demand for the labour force in various ways, and the progress in education can help more job seekers in the labour force secure positions that match their abilities, increase the efficiency of labour force utilisation, and consequently enhance the employment level.…”
Section: The Moderating Effect Of Educational Development Levelmentioning
confidence: 99%
“…On the one hand, many studies mentioned financial education level's influence on individuals' use of financial services and participation in financial activities. For example, financial literacy has a positive and significant impact on farmers' awareness of digital credit, and the improvement in education level can increase residents' efficiency in using the conveniences created by financial inclusion (Sarfo et al 2023). As mentioned above, the development of financial inclusion can increase the demand for the labour force in various ways, and the progress in education can help more job seekers in the labour force secure positions that match their abilities, increase the efficiency of labour force utilisation, and consequently enhance the employment level.…”
Section: The Moderating Effect Of Educational Development Levelmentioning
confidence: 99%
“…Financial Literacy: Financial literacy is the practical utilization of fundamental financial concepts manage one's financial resources effectively [24]. Financial literacy is one of the significant issues in developing countries, hindering economic growth [25].…”
Section: Athe Impact Of Mobile Banking On Socio-economicsmentioning
confidence: 99%
“…Financial literacy is one of the significant issues in developing countries, hindering economic growth [25]. [24] The study reported that the financial literacy rate for adults aged above 15 years old is 38% in Madagascar, 35% in Malawi, and 33% in Burkina Faso. They are assuming that this low rate results from limited years of education and a need for more access to formal financial services.…”
Section: Athe Impact Of Mobile Banking On Socio-economicsmentioning
confidence: 99%