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Mobile Podcasts: A Cost-Effective Way to Boost Financial Literacy in India
As a reader of this blog, you likely find it easy to read and understand instructions about basic banking processes, and breeze through simple transactions like ATM withdrawals. But what about those who lack literacy skills, or who are just getting introduced to the world of finance? Mobile phone podcasts, particularly those delivered to targeted audiences in their language, can be a solution. With the potential to reach more than 1 billion mobile subscribers in India, mobile phone podcasts could bring financial literacy to underserved communities.
- Categories
- Financial Inclusion, Technology
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Why India needs to work on financial literacy now more than ever
India is home to 17.5% of the world’s population but nearly 76% of its adult population does not understand even the basic financial concepts. Empirical evidence shows that digital efforts on financial education have had a far greater impact than the traditional media.
- Categories
- Financial Inclusion
- Region
- South Asia
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Announcing NextBillion Financial Health: New Partnership with MetLife Foundation Reflects the Evolution of Financial Inclusion
NextBillion is officially re-launching our Financial Innovation site with a new name and partner. The site will now be called Financial Health, and it’s being sponsored by MetLife Foundation. The Foundation shares our concept of how the new NextBillion Financial Health site can best serve our readers: By providing a platform for sharing insights, data, and analysis through articles that ask the big question of what works – and what doesn't – in the movement to help more people use financial services to improve the quality of their lives.
- Categories
- Financial Inclusion, NextBillion Originals
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MFIN launches mobile app to spread financial literacy
MFIN, an association of the microfinance industry in India, today launched a financial literacy mobile app for clients. The multi lingual financial literacy app will act as a guide and ready reckoner for the clients, said Microfinance Institutions Network (MFIN), which mainly caters to underbanked and unbanked population in the country.
- Categories
- Financial Inclusion, Technology
- Region
- South Asia
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Survey: Lack of Financial Literacy Costs Americans over $9,700 across their Lifetimes
The National Financial Educators Council recently released results of a survey about financial knowledge conducted with 3,006 people in six age categories across the US. People were asked, "Across your entire lifetime, about how much money do you think you have lost because you lacked knowledge about personal finances?"
- Categories
- Financial Inclusion
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Study: Many South Africans ill-equipped to make sound money decisions
A considerable portion of South African adults may not be adequately equipped to make key financial decisions, a new financial literacy study has found. While there was broad evidence that South Africans had a positive attitude towards saving, personal and macroeconomic realities often hindered their savings behaviour, Benjamin Roberts, senior research manager at the Human Sciences Research Council (HSRC), said.
- Categories
- Financial Inclusion
- Region
- Sub-Saharan Africa
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FinTech’s Elephant Seal Problem
Like the elephant seal, most fintech companies are focused on growing as large as possible. That means they usually choose a free business model to facilitate growth. Kristen Berman and Wendy De La Rosa of the Common Cents Lab say there's a better way: Abandon the free model and focus on removing the true psychological barriers to financial management.
- Categories
- Entrepreneurship, Financial Inclusion, Technology
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‘Ahead of the Curve’ – Three Companies Get Serious About Measuring Customers’ Financial Health
It is easy to track the number of active checking accounts or the number of dollars lent on credit cards. It is much harder to measure if those checking accounts and credit cards are actually helping customers manage their money better. To help financial services providers get serious about measuring their impact, CFSI recently released eight key indicators of financial health, and profiled three companies that are ahead of the curve in understanding customer outcomes.
- Categories
- Financial Inclusion
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