Abstract:
This research study is an attempt to explore the financial literacy index of G20 nations, focusing on the
importance of financial literacy, the gender gap in financial literacy, and its impact on individuals and the
economy. The research highlights the need for equal access to financial education and resources for both
men and women, suggesting gender-specific programs, embedding financial education in curricula, and
promoting inclusive financial services. It emphasizes the significance of the financial literacy index as a tool
to measure financial knowledge and understanding within a population. By improving financial literacy,
individuals can enhance their financial well-being, make better financial decisions, and avoid financial
hardships. It also contributes to economic growth and stability at both individual and societal levels. The
geometric mean tool is used by aggregating scores on three major financial index components. The findings
of the financial literacy index for G20 nations indicate that most countries have above-average scores,
indicating a relatively high level of financial literacy. However, some countries, such as Argentina and Italy,
have lower scores, suggesting room for improvement in financial literacy education. Conversely, countries
like Canada, China, France, Germany, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, and
the United Kingdom have higher scores, indicating a better understanding of financial concepts among their
human dividends. The research study specifically highlights India as having a below-average financial
literacy index score, emphasizing the need for improvement in financial literacy education. Given India's
large population and growing economy, individuals need a good understanding of financial concepts to
make informed decisions about their finances. In summary, the abstract presents a comprehensive overview
of the financial literacy index of G20 nations, discussing its significance, providing key findings, and
suggesting measures to bridge the gender gap and improve financial literacy worldwide.
