Transformation Through Financial Literacy and Inclusion: A Study of Informal Sector Workers in Kingaon Villege

Abstract India is a developing country; where large numbers of people are still living in poverty and most of them are illiterate. Hence, financial literacy is required for achieving financial inclusion. Even today, a large number of rural and urban poor either have no access to the institutional finance or they do not know that they can access it. Therefore, financial literacy and inclusion should be given necessary attention. The government of India has aptly identified this and introduced, PM Jan DhanYojana, on 28th August 2014, as a part of its National Mission for Financial Inclusion. Nearly nine months after he launched the first one, Shri. Narendra Modi launched three more financial inclusion schemes on 9th May 2015, namely; Pradhan Mantri Suraksha Bima Yojna, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna. Now, it becomes important to know, whether the financial literacy and inclusion has increased considerably or not. The present research paper is a sincere attempt to find out level of financial literacy and inclusion amongst those poor workers who have employed through the informal sector. The researcher has carried out the sample survey of 50 workers, who live in Kingaon villege, to find out the level of financial literacy and inclusion. The survey indicates increased level of financial literacy and inclusion but still there is lot more that is needed to be done.