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In India, Financial Literacy Programs Are Lifting Families Out of Debt and Fueling New Prosperity

SDGs Impacted

In India, financial literacy programs supported by the Asian Development Bank have successfully lifted families out of debt and fueled new prosperity. These programs, focused on digital and financial inclusion for women, have utilized innovative approaches such as mobile apps and online platforms to provide basic financial education and access to financial services. As a result, families have seen improved savings habits, reduced debt burdens, and increased participation in the formal financial system. These efforts have empowered individuals to make informed financial decisions, ultimately leading to greater economic inclusion and community prosperity.

Impact / Outcome
The program generated a record 443 million accounts for India’s households since its August 2014 launch through to early January 2022.
Funding sources
Public/Private
Key Metrics
Provide bank accounts for every household to increase loans and other financial services available to low-income borrowers.
Locations
ASEAN, India
Sector
Financial services
Intervention lever
Policy
Operating model
Public-private partnership
Target populations
Women & girls, Rural
Year published
01 January 2022
Organization involved
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Asian Development Bank

The EDISON Alliance

A World Economic Forum Initiative