Factors and indicators shaping financial literacy: a multicriteria analysis of selected programs and strategic insights for resilient economic development

Abstract

In examining the multifaceted determinants of financial literacy and its critical role in fostering resilient economies, this paper seeks to provide insight. For the effective design of financial literacy programs, it is essential to identify the determinants of an individual’s financial knowledge. The study made new contributions toward the drivers of financial literacy by deriving these consolidated theoretical insights by factoring in socio-economic, educational, cultural, and technological factors. It also analyzes existing financial literacy programs from a perspective of their impact and gaps and proposes mechanisms for improvements dedicated toward these determinants. The article provides some practical guidance for policymakers and educators on creating relevant, responsive financial literacy programs based on a cross-section of empirical research and case studies. Ultimately, it is hoped that this knowledge will contribute towards building a more resilient economy capable of weathering the storms of uncertainty—becoming of use both to academic researchers and the broader practical applications of financial literacy.