Financial Literacy and Financial Inclusion in Liberia

4 Pages Posted: 8 Mar 2021 Last revised: 3 Apr 2023

See all articles by Andreas Hecht

Andreas Hecht

Zurich University of Applied Sciences (ZHAW); University of Hohenheim

Date Written: January 9, 2021


Studies show that access to formal financial services (e.g. a bank account for saving and borrowing) helps overcome poverty. This so-called financial inclusion requires a basic financial knowledge and understanding, i.e. financial literacy, where it has been demonstrated that financial literacy in turn has a positive effect on financial inclusion. Based on four surveyed dimensions of financial decision-making (risk diversification, inflation, basic numeracy, and interest compounding), the 2014 Standard & Poor’s Global Financial Literacy Survey illustrates the levels of financial literacy in over 140 countries, with African countries scoring the worst. For more than ten countries in Africa, including Liberia, the global financial literacy survey does not provide any information .
The goal of this short paper is to share anecdotal evidence collected on-site in December 2020. Evidence was gathered in financial literacy/financial inclusion workshops while volunteering as teacher for a month in Duazon, Liberia.

Keywords: Financial literacy, financial inclusion, mobile money, Liberia

Suggested Citation

Hecht, Andreas, Financial Literacy and Financial Inclusion in Liberia (January 9, 2021). Available at SSRN: or

Andreas Hecht (Contact Author)

Zurich University of Applied Sciences (ZHAW) ( email )

Winterthur, Zurich

University of Hohenheim ( email )


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