Determinants of Financial Literacy and Use of Financial Services: An Empirical Study amongst the Unorganized Sector Workers in Indian Scenario


  • Abhijit Sinha Department of Commerce, Vidyasagar University, Midnapore, West Bengal, India
  • Arindam Gupta Department of Commerce, Vidyasagar University, Midnapore, West Bengal, India

The present paper aims to identify the effect of demographic and socio-economic variables on financial literacy and its impact on the use of financial services. For this study, primary data are collected from 400 unorganized sector workers of Paschim Medinipur district, also an economically development lagger in the state of West Bengal of India. The logit regression result shows that the main explanatory variables of financial literacy are occupation, income and educational qualification. Similarly, with regard to use, the main positive determinants are financial literacy, income and domicile. Thus, the outcome of this research has a significant outcome to guide the policy-makers in respect of improving financial literacy and inclusion.

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Journal title

volume 12  issue 4

pages  657- 675

publication date 2024-01-20

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