Farmer's financial literacy and its determinants: evidence from South Asia

Soumyadwip Das · Sumit Kumar Maji

18 citations0/0 files storedInternational Journal of Social Economics

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

Abstract

Purpose The objective of this study is to ascertain the financial literacy (FL) of the farmers in three South Asian economies (India, Bangladesh and Pakistan). Further, an effort was made to explore various demographic and socioeconomic antecedents of FL of the farmers. Design/methodology/approach The study used secondary data of 11,025, 782 and 657 farmers from India, Bangladesh and Pakistan respectively from Financial Inclusion Insights (2017) database. “Big five” FL questions were used to measure the FL of the farmers. Appropriate statistical techniques and censored Tobit regression were used to identify the determinants of such FL. Findings Bangladeshi farmers (48.75%: Moderate) were found to exhibit greater FL as compared to Pakistani (38.96%: Poor) and Indian (32.61%: Poor) farmers. The outcome of the study revealed that the farm ownership and educational attainment of the farmers significantly determined FL of the farmers in all three Asian countries. Financial confidence and gender were observed to exacerbate a positive influence on the level of FL of farmers belonging to India and Pakistan. Age, marital status, financial inclusion and economic status were found to be the major determinants of FL of Indian farmers. Originality/value There is a dearth of studies in the scholarship examining the FL of farmers in both developed and developing economies. The present study makes an original contribution to the literature by unearthing FL amongst farmers and its determinants in three South Asian economies using a large sample of 12,464 farmers for the first time. Peer review The peer-review history for this article is available at: https://publons.com/publon/10.1108/IJSE-12-2022-0776

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References

2014The Economic Importance of Financial Literacy: Theory and Evidence 2015Debt literacy, financial experiences, and overindebtedness 2002The Role of Agriculture in Development 2019Financial literacy and financial resilience: Evidence from around the world 2011Financial literacy and retirement planning in Germany 2016Old Age and the Decline in Financial Literacy 2011Religion, economic attitudes, and household finance 2017Attitudinal factors, financial literacy, and stock market participation

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