Financial Self-Efficacy (FSE) as a Mediator Between Financial Literacy (FL) and Financial Inclusion (FI): An Empirical Study in Indian Context


  • Garima Bansal



Financial Self-efficacy, Financial Literacy, Financial Inclusion


The objective of the paper is to investigate the influence of financial literacy (FL) level on financial inclusion (FI) of individuals residing in the National Capital Region (NCR) of India, with the role of financial self-efficacy (FSE) as a mediator. The study considers 384 individuals selected through convenient sampling. CFA and Regression analysis were used to analyse data using SPSS and AMOS 20.

The results indicate that FSE partially mediates the association among FL and FI. The study recommends that “FL aids in increasing finance related knowledge and in enhancing individuals’ skills so that they can make comparison and select better financial products which ultimately enhance FI”.

A majority of previous researchers have studied FI and FL; however, the role of FSE as mediator within this realm has remained unexplored. This paper is possibly the first attempt to bridge this gap.


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How to Cite

Bansal, G. (2024). Financial Self-Efficacy (FSE) as a Mediator Between Financial Literacy (FL) and Financial Inclusion (FI): An Empirical Study in Indian Context. Research Bulletin, 49(4), 59–77.





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