Impact of Financial Literacy on Access to Financial Services in Kenya

Isaac Wachira Mwangi · Evelyne Kihiu

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Financial Literacy, Pension, Retirement Analysis Microfinance and Financial Inclusion Financial Literacy and Behavior

Abstract

The main thrust of this study is to establish the impact of financial literacy on access to financial services in Kenya using the 2009 National Financial Access (FinAccess) survey data. Using a multinomial logit approach to explain access the the four major financial service access strands, the study found that financial literacy remains low in Kenya. Besides, regression results indicate that households’ access to financial services is not based on levels of financial literacy but rather on factors such as income levels, distance from banks, age, marital status, gender, household size and level of education. However, the study established that the probability of a financially illiterate person remaining financial excluded is significantly high calling for increased investment in financial literacy programs to reverse the trend. The study recommends the development of a curriculum on financial education and administer it in local, middle level and higher learning institutions.

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References

2007Financial Literacy and Stock Market Participation 2003Household Financial Management: The Connection between Knowledge and Behavior 2002The effects of financial education in the workplace: evidence from a survey of households 2004Saving and the Effectiveness of Financial Education 2006Are We Making the Grade? A National Overview of Financial Education and Program Evaluation 1996The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers 1996The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households 2007Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel

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