The role of financial literacy specifically on awareness of products and services in enhancing financial inclusion: A review of mediating effects of financial behavior

Abstract

This systematic review examines the crucial role of financial literacy in enhancing financial inclusion, particularly in raising awareness of financial services and products. Financial literacy is essential for individuals to comprehend and utilize various financial offerings, enabling them to make informed financial decisions. The objective of this review is to synthesize existing research to demonstrate how improved financial literacy can increase awareness of financial products and facilitate access to these services. A comprehensive search of electronic databases, including PubMed, Web of Science, Science Direct, Emerald Insight, Google Scholar, Research Gate, and Scopus, initially identified 8601 studies. After removing duplicates, 5273 studies were excluded during the screening phase due to irrelevant titles and abstracts, and an additional 2948 studies were eliminated during the eligibility assessment for not meeting predetermined criteria. Ultimately, 49 studies were included in the analysis. The findings reveal significant patterns and gaps in the literature, indicating that individuals with higher financial literacy are more likely to engage in positive financial behaviors, thereby enhancing their access to essential financial services. This review provides valuable insights for educators and policymakers aiming to strengthen financial literacy programs and promote inclusive financial ecosystems, particularly for underserved populations.