Effect Of Financial Literacy On Financial Access And Savings In Kenya

Financial literacy enhances effective use of financial services, promotes technical progress, promotes economic growth and development and aids in poverty reduction. However, Fin Access survey data shows that 17 per cent of Kenyans are financially excluded as in 2016 while enrolment in primary, secondary, and post-secondary between 2000 and 2016 increased by 66, 259, and 431 per cent respectively. This implies that increased school enrolment has not translated to reduced financial exclusion standards of below five per cent. World Bank further asserts that Kenya is among the top 25 countries in…