Fostering financial inclusion for attaining sustainable goals: What contributes more to the inclusive financial behaviour of rural households in India?

Dash, Ashutosh; Mohanta, Giridhari

doi:10.1016/j.jclepro.2024.141731

Journal of Cleaner Production

2024

DOI: 10.1016/j.jclepro.2024.141731

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Fostering financial inclusion for attaining sustainable goals: What contributes more to the inclusive financial behaviour of rural households in India?

Ashutosh Dash,

Giridhari Mohanta

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2024

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Cited by 3 publications

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Deposit insurance and financial inclusion

Alley

2024

JES

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PurposeDeposit insurance activities aimed at achieving financial stability and depositor protection often align with financial inclusion programmes of other financial safety-net participants. However, there is limited empirical evidence in the literature on the role of deposit insurance (DIS) in financial inclusion. This study bridges this gap by analysing data from 143 countries to assess the impact of DIS on financial inclusion along the dimensions of access and usage.Design/methodology/approachThis study uses the random effect and the generalized methods of moments (GMM) regression models to estimate the effects of deposit insurance on financial inclusion.FindingsOur results show that, in addition to positive impacts from other policy drivers such as income per capita, economic growth and banking and financial sector development, the practice of an explicit deposit insurance system (EDIS) significantly promotes financial inclusion. However, merely having any form of DIS, as proxied by IADI membership, shows limited potential. Based on the data-informed reliability of our findings, we recommend that countries aiming to deepen financial inclusion should consider adopting or intensifying the practice of EDIS alongside existing programmes.Originality/valueThere is limited or scanty empirical evidence in the literature, if there exists any, that indicates that financial inclusion progress actually benefits from deposit insurance. This study therefore contributes to the literature by providing an empircal evidence on the positive impact of deposit insurance on financial inclusion.

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Deposit insurance and financial inclusion

Alley

2024

JES

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A qualitative investigation into financial well-being and social capital of retired government school teachers

Mundi,

Vashisht,

Rao

2024

QRFM

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Purpose The purpose of this study is to investigate the financial well-being and social capital of Indian retirees. The paper investigates the extent of subjective financial well-being, the dependence on debts and the extent of bridging and bonding social capital of retirees with similar retirement pensions to understand the main issues they face. Design/methodology/approach Semi-structured interviews were conducted with 32 retired government schoolteachers. Two individuals transcribed the interviews after a pilot study, which helped remove repetitive responses. After ensuring the authenticity of the transcripts, the data was analyzed using interpretive phenomenological analysis. Findings The study's key findings reveal that retirees, armed with a clear understanding of their retirement income, exhibit a sense of financial control. At the same time, the presence of debt and the potential for high healthcare expenses adversely impact their subjective financial well-being. In terms of social capital, retirees predominantly rely on support from close-knit communities of friends and neighbors, as against their children. Additionally, retirees who migrate from their native places encounter challenges in establishing bridging social capital. Originality/value This study contributes to the ongoing discourse on financial well-being, specifically within the context of vulnerable groups such as retirees in India, where the absence of a state-supported retirement system adds a distinctive dimension. Against the backdrop of India's traditional societal framework, the research extends the existing literature by delving into the nuanced effects of evolving social dynamics on the social capital of retirees.

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Cracking the Wealth Puzzle: Investigating the Interplay of Personal Finance, Expenditure Behavior, and Financial Management

Lulaj

2024

ECO

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This paper investigated the wealth puzzle by examining the relationships among personal finance (PF), expenditure behavior (EB), and financial management (FM). Data from a diverse sample of 2000 individuals across regions such as Kosovo, Ghana, Kenya, Nigeria, Turkey, Pakistan, Nepal, Uganda, Cameroon, Ethiopia, India, Indonesia, Albania, Oman, and Egypt were collected through an online questionnaire from 2023 to 2024, and processed through exploratory and confirmatory factor analyses using AMOS and SPSS programs. Results revealed the robust relationships among PF, EB, and FM, indicating their resilience and strong internal consistency, and underscoring their pivotal role in shaping individuals’ financial stability and well-being. Notably, EB emerged as a crucial determinant, highlighting the importance of aligning spending habits with family priorities, moderating excesses, and consistently reviewing for improvements. Moreover, critical variables within PF and FM underscored the necessity for strategic financial planning, efficient spending optimization, and the cultivation of resilience against unforeseen financial obstacles. This research has significantly advanced the understanding of wealth dynamics and provided practical insights for policymakers and educators to design targeted financial education initiatives that can improve financial well-being and long-term prosperity. Future research should concentrate on understanding underlying mechanisms and assessing intervention effectiveness across more variables and countries.

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Fostering financial inclusion for attaining sustainable goals: What contributes more to the inclusive financial behaviour of rural households in India?

Cited by 3 publications

References 60 publications

Deposit insurance and financial inclusion

Deposit insurance and financial inclusion

A qualitative investigation into financial well-being and social capital of retired government school teachers

Cracking the Wealth Puzzle: Investigating the Interplay of Personal Finance, Expenditure Behavior, and Financial Management

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