Surabaya – According to analysts at Robocash Group, the number of Google search queries on fintech and fintech services has almost doubled since 2020. The pandemic has increased the financial capabilities of the Indian population and, consequently, their financial awareness.
Before the 2019 pandemic, financial literacy was estimated at 27% among the adult population aged 18 to 80.
The first wave of the pandemic quickly changed the current reality and forced consumers to expand their knowledge. A sharp increase was observed between May and September 2020. Indians gradually became more interested in the subject, reaching a peak in late January 2022.
Analysts note that the country still lacks in several areas: insufficient income of the population; 35% of the population is urban; low internet penetration at 45%.
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However, there are also positive factors that can significantly accelerate the development of financial education: a well-developed financial infrastructure, a system of government-supported measures aimed at increasing financial education, and rapid penetration of financial services (the financial inclusion index increased from 43.4 to 53.9 in FY2020).
Before the pandemic, 27% of Indians having financial knowledge can be considered as a starting point for the growth of financial literacy. If the identified trends are directly applied to this figure, it will reach 38.5% by the end of 2022. (ted)
