In developing economies, financial literacy can be an effective antipoverty tool, but evidence is sparse on how it shapes outcomes.
Drawing upon InterMedia Financial Inclusion Insights Program data for Kenya, Tanzania, and Uganda, this study examines financial literacy’s effects on poverty, as well as its indirect effects through financial inclusion and entrepreneurship. The findings clarify the mechanisms by which financial literacy can reduce poverty, suggesting directions for policy and intervention.
The study is one of several published in a special issue of Global Social Welfare.
Project: Financial Capability & Asset Building in Africa (FCAB Africa)
Koomson, I., Ansong, D., Okumu, M., & Achulo, S. (2023). Effect of financial literacy on poverty reduction across Kenya, Tanzania, and Uganda. Global Social Welfare, 10(1), 93–103. https://doi.org/10.1007/s40609-022-00259-2