A Comprehensive Analysis In Measuring The Key Factors Influencing Financial Inclusion Among Youths

Abstract

In today’s economic environment, to foster inclusive development, financial inclusion is an extremely important factor. It has a prominent place in the agenda of the G20 and plays a vital part in assisting the accomplishment of a large number of Sustainable Development Goals. It is estimated that about half of all people between the ages of 15 and 24 throughout the world do not have access to financial services, notwithstanding the progress that has been achieved in the direction of attaining financial inclusion. For the purpose of this research, the demography of young people who are at a greater risk of suffering financial exclusion is the primary emphasis. The many elements that lead to financial inclusion are investigated, as are the possible hazards and possibilities related with the digitization of financial services for young people. Additionally, the inclusion of young people is addressed. In addition to this, it investigates the national measures that have been put into place to encourage the involvement of young people in digital financial systems.

Young people have a number of challenges that prohibit them from utilising and receiving financial services. However, digital financial services and their accessibility have the potential to alleviate some of these challenges. A few examples of these challenges include the expensive costs and the limits of the physical infrastructure. Digital financial services provide transactions that are quick, simple, secure, and timely, and they also allow for the customization of services to match the specific needs of each person. When digital financial services are offered in a responsible way within a sturdy infrastructure, they have the potential to strengthen the resilience of both people and the financial system when confronted with adverse conditions. The digital resources that are now accessible to consumers and organisations in order to have access to and make use of financial goods and services are very pertinent and significant in light of the current conditions. In light of the fact that governments all over the globe are addressing the health, social, and economic ramifications of the COVID-19 epidemic, this is especially true.