Proceedings of the 6th International Conference on Vocational Education Applied Science and Technology (ICVEAST 2023)

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Does Financial Inclusion Improve Financial Literacy? An ASEAN Cross-Country Analysis

Authors
Vindaniar Yuristamanda Putri1, *, Ida Nurhayati2
1Vocational Education Program, Universitas Indonesia, Kampus UI, Depok, 16424, West Java, Indonesia
2Department of Accounting, Jakarta State Polytechnic, Kampus UI, Depok, 16425, West Java, Indonesia
*Corresponding author. Email: vindaniar.putri@ui.ac.id
Corresponding Author
Vindaniar Yuristamanda Putri
Available Online 31 October 2023.
DOI
10.2991/978-2-38476-132-6_77How to use a DOI?
Keywords
Financial Literacy; Financial Inclusion; Panel Regression; ASEAN Countries
Abstract

The gap between financial literacy and financial inclusion has become one of the reasons why economic development is hardly developed. This study examines the effect of financial inclusion in improving financial literacy in ASEAN Countries – Indonesia, Malaysia, Singapore, Thailand, Philippines, Myanmar, and Cambodia. Bank accounts, as one of the conventional banking products, become a dependent variable (Y). In contrast, the characteristics of bank customers, such as gender, age, education, and economic condition, become independent variables (X). Through a fixed effect approach on panel regression, this study found that financial literacy significantly affects financial inclusion (sig. 0.000) across ASEAN Countries, except Thailand. Singapore became the intercept since it was the only ASEAN Country categorised as high-income based on the Global Findex Database 2021. Customer characteristics simultaneously influence the number of bank accounts in ASEAN Countries, about 95.3%, while 4.7% can be explained by other factors not included in this study. However, this study only limits conventional financial products, while there have been many digital financial products recently.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 6th International Conference on Vocational Education Applied Science and Technology (ICVEAST 2023)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
31 October 2023
ISBN
10.2991/978-2-38476-132-6_77
ISSN
2352-5398
DOI
10.2991/978-2-38476-132-6_77How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Vindaniar Yuristamanda Putri
AU  - Ida Nurhayati
PY  - 2023
DA  - 2023/10/31
TI  - Does Financial Inclusion Improve Financial Literacy? An ASEAN Cross-Country Analysis
BT  - Proceedings of the 6th International Conference on Vocational Education Applied Science and Technology (ICVEAST 2023)
PB  - Atlantis Press
SP  - 909
EP  - 917
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-132-6_77
DO  - 10.2991/978-2-38476-132-6_77
ID  - Putri2023
ER  -