2018-03-16 15:02:05



WHEN: Friday, October 20, 12 p.m. – 1 p.m.

WHERE: Block C3 (GSB/GSPP Building), 3rd floor, Room 3038


This study investigates the role of financial literacy for financial awareness and inclusion. The direct effect of financial literacy on a household’s inclusion into financial markets has been studied previously in the context of developed nations, with well-organised financial systems. By using a unique database of 76,762 households, collected from the national survey among Indian households, we examine whether a similar channel of influence exists in an emerging market context, where financial products and services are not as well-known. The Indian survey questions were designed carefully to capture inclusion in a financial product through, first, financial awareness of the product, and then, financial awareness leading to ownership. The study documents new evidence that, although a positive relationship between financial literacy and financial inclusion exists, to a large extent the significance actually comes from the effect of financial literacy on households’ awareness to the prevailing financial services. Thus, more financially literate households are more aware of the existence of the financial products and, empowered with awareness, such households have a significantly high probability of owning even some advanced financial products such as insurance and capital market products.


Dr. Anurag Banerjee is a theoretical econometrician working on sensitivity analysis of econometric models, semi-parametric methods  and explosive time-series methods.  He also has an active applied interest in empirical asset pricing, corporate finance, financial education, and economic/social development. He also works on application of economic theory.  Most of his applied work concentrates on the evaluation of unintended consequences of strategies/policies. Occasionally he has collaborated with medical researchers as well.  He has an active interest in teaching quantitative modules.

Anurag is an affiliated Member of the Centre de Recherche Econo-financière et Actuarielle sur le Risque, ESSEC, Paris a member of Centre for Banking, Institutions and Development (CBID), Durham Business School.