Financial Literacy Position in Developing Economies: A Review of Studies and Open Issues

As studies on financial literacy gain thrust in the entire world, developing economies unfold a unique set of domain and concerns due to the relative financial sector and institutional framework level of development. The review reveals fair availability of research on financial literacy concerning firms, businesses and entrepreneurship, even though the most studies were not scientifically undertaken. General financial literacy studies focusing on individuals in developing economies has been undertaken by multilateral research bodies like Organization for Economic Cooperation Development (OECD) still there is an open gap for specific groups financial literacy studies in the society, like women, students, employees etc. Financial literacy and financial education are phenomenon that has been overly explored in the developed world, on the other end is scarcely examined in developing economies. Much need to be done in terms of research on the subject matter, there is a need to restructure the institutional frameworks to enhance initiatives and policies for upselling financial literacy educational outreach in developing countries.