The impact of financial literacy on financial inclusionin vietnam

THE STATE BANK OF VIET NAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY HO CHI MINH CITY - GRADUATION THESIS PHAN ANH KHOA THE IMPACT OF FINANCIAL LITERACY ON FINANCIAL INCLUSION IN VIET NAM Supervisor: Assoc Prof PhD HA THI THIEU DAO Ho Chi Minh 2021 COMMITMENT` This thesis is the author's study The research results are honest in that there is no previously published content or other content done by someone else except fully cited citations in the thesis Ho Chi Minh City, 29/09/2021 Khoa Phan Anh Khoa ABSTRACT This thesis explores the impact of financial literacy and financial technology on financial inclusion in the university in Viet Nam It employs a sample of 567 respondents sampled across the regions of Viet Nam from June 2021 to August 2021 Logistic regression was used to analyse of impact of financial literacy on financial inclusion The following empirical findings emanate from this thesis: financial literacy positively and significantly affect financial inclusion The thesis discovers that financial literacy has a significant impact on financial inclusion through owning a bank account Finally, it shows that financial literacy and Fintech has a significant impact on financial inclusion Overall, the findings of the study provide policymakers in Vietnam with recommendations ACKNOWLEDGEMENT I would like to thank my teacher Ha Thi Thieu Dao, Assoc Prof, Ph.D., for supporting me to complete the project successfully I would like to express my gratitude to all my friends who have supported me to share my survey in student groups This research would not have been possible without their support ABSTRACT ACKNOWLEDGEMENT Chapter 1: INTRODUCTION 1.1 Problem Statement 1.2 Objectives 1.2.1 Overall objective 1.2.2 Specific objectives 1.3 Research questions 1.4 Objectives and scope 1.5 Research methodology 1.5.1 Data 1.5.2 Regression method Chapter 2: RESEARCH LITERATURE REVIEW 2.1 Financial inclusion 2.1.1 Definition 2.1.2 Financial inclusion measurement 2.2 Financial literacy 2.2.1 Definition 2.2.2 Financial literacy measurement 10 2.3 Determinants of financial inclusion 11 2.3.1 Financial literacy and financial inclusion 11 2.3.2 Control variables 12 2.4 Summary 19 CHAPTER 3: RESEARCH METHODOLOGY 20 3.1 Research Data 20 3.2 Regression method 20 3.2.1 Binary logistic model 20 3.2.2 Model specification 22 3.3 3.3.1 Testing 25 Omnibus Tests 25 3.3.2 3.4 Hosmer and Lemeshow Test 26 Summary 26 CHAPTER 4: RESULT OF STUDY AND DISCUSSIONS 27 4.1 Descriptive statistics 27 4.1.1 Demographic statistics 27 4.1.2 Financial Inclusion Statistics 29 4.1.3 Financial literacy statistics 30 4.2 Regression results and discussions 31 4.3 Summary 37 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 38 5.1 Conclusions 38 5.2 Recommendations 38 5.3 Limitation and research future 40 REFERENCE 41 APPENDICES 51 LIST OF ABBREVIATIONS Fintech HCM VL LC Financial Technology Ho Chi Minh Vinh Long Lai Chau LIST OF TABLES Table 2.1 Conceptual definitions of financial literacy Table 2.2 Summary of previous research on financial inclusion 16 Table 3.1 Summary of variable in the research 23 Table 4.1 Demographic statitics 28 Table 4.2 Percentage of owning an account 30 Table 4.3 Score of financial literacy 31 Table 4.4 Result of regression of financial inclusion 33 Table 4.5 Probability of owning an account 36 Chapter 1: INTRODUCTION 1.1 Problem Statement In the development of industry 4.0, one of the most vital factors determining the development and growth of the national financial system in the current integration context is financial inclusion Financial inclusion offers many benefits for individuals and businesses to access financial services affordably and conveniently Financial inclusion also helps them have a good view of savings, investment, ability to create assets, and improve quality of life For a developing country like Viet Nam, financial inclusion is increasingly becoming a vital pillar of the country's development Besides that, financial literacy plays an important role in furthering financial inclusion (Grohmann, FKlühs & Menkhoff, 2018) Financial literacy contributes to the improvement of social life, economic development and social well-being To catch up with Industry 4.0's development, many countries have developed and implemented national programs and strategies to improve financial literacy and financial education In this way, financial literacy becomes one of the essential skills for all members of society However, the impact of financial literacy of financial inclusion can be reversed by objective factors Babych, Grigolia & Keshelava (2018) demonstrate that low income levels, lower financial behavior may be in part responsible for low levels of financial inclusion and thus, indirectly, lead to lower levels of financial literacy Several studies in developing countries have also confirmed that better financial literacy is positively associated with participation in financial markets, the use of formal sources of borrowing (Klapper et al., 2017) Despite the benefits of financial literacy, financial illiteracy exists worldwide The full benefits of financial inclusion are difficult to realize because of this phenomenon (Akakpo, 2020) Although financial literacy is an important tool, economic and social barriers to access may need to be overcome before financial literacy can be effective (Lyons, Chang, & Scherpf, 2006) Many studies have been advanced towards the financial literacy and financial inclusion discourse due to the global financial crisis, with an increased emphasis on the role of financial literacy in increasing access to, and use of, financial services (Xu & Zia 2012) For instance, Menon (2019) suggested that financial inclusion must be accompanied by financial literacy in order to achieve the best results Grohmann, Klühs & Menkhoff (2018) emphasized that proving the stylized fact that higher financial literacy is systematically linked to better financial inclusion at the national level Recently, there has been limited research that pulls on finance theory to research whether Fintech can help financial inclusion and the way this might ultimately shed light on the intractable problem of lack of financial literacy However, World Bank support in 2011, 2014 and 2017 provided evidence on the connection between Fintech and financial inclusion However, financial inclusion in Vietnam continues to be limited According to World Bank’s Global Findex (2017), in Viet Nam, only 31% of people have accounts, which is higher than Cambodia (22%) and Lao (29%) and this figure is a warning to the government About 69% of adults in Vietnam are non-banked and therefore dependent on money to buy or sell goods and services.That means that out of Vietnam's 97 million citizens, there are approximately 50 million people, aged 15 and over, relying on cash (World Bank, 2018) The number of deposit accounts with commercial banks in Viet Nam per 1000 adults is approximately 1194,86, which is only higher than Lao (672,47) and Cambodia (376,39) Furthermore, while financial inclusion has improved significantly in other Asian economies, progress in Vietnam appears to be slow Some recent studies have been conducted on how financial literacy can help improve financial inclusion in economies that are progressing slowly (Babajide, Adegboye & Lusardi, A (2008) Financial literacy: an essential tool for informed consumer choice? (No w14084) National Bureau of Economic Research.Lusardi, A., & Mitchell, O S (2011) Financial literacy and retirement planning in the United States Journal of pension economics & finance, 10(4), 509-525 Lusardi, A (2008) Household saving behavior: The role of financial literacy, information, and financial education programs (No w13824) National Bureau of Economic Research Lusardi, A., & Tufano, P (2015) Debt literacy, financial experiences, and overindebtedness Journal of Pension Economics & Finance, 14(4), 332-368 Lusardi, A., Mitchell, O S., & Curto, V (2010) Financial literacy among the young Lusardi, A., Schneider, D J., & Tufano, P (2011) Financially fragile households: Evidence and implications (No w17072) National Bureau of Economic Research Lyons, A C., & Kass-Hanna, J (2019) Financial inclusion, financial literacy and economically vulnerable populations in the Middle East and North Africa Emerging Markets Finance and Trade, 1-40 Lyons, A C., & Kass-Hanna, J (2021) Financial inclusion, financial literacy and economically vulnerable populations in the Middle East and North Africa Emerging Markets Finance and Trade, 57(9), 2699-2738 Lyons, A C., Grable, J E., & Joo, S H (2018) A cross-country analysis of population aging and financial security The Journal of the Economics of Ageing, 12, 96-117 Maroof, D A (2012) Binary logistic regression In Statistical methods in neuropsychology (pp 67-75) Springer, Boston, MA 46 Marshall, J N (2004) Financial institutions in disadvantaged areas: a comparative analysis of policies encouraging financial inclusion in Britain and the United States Environment and Planning A, 36(2), 241-261 Mbiti, I., & Weil, D (2011) Mobile Banking: The Impact of M-Pesa in Kenya Working Paper 17129, 1050 Massachusetts Avenue Cambridge, MA, 2138 Menon, P (2019) Financial inclusion, banking the unbanked: Concepts, issues, and policies for India Journal of Public Affairs, 19(2), e1911 Messy, M F A (2014) OECD/INFE PROGRESS REPORT ON FINANCIAL EDUCATION Morawczynski, O (2009) Exploring the usage and impact of “transformational” mobile financial services: the case of M-PESA in Kenya Journal of Eastern African Studies, 3(3), 509-525 Morgan, P J., & Long, T Q (2020) Financial literacy, financial inclusion, and savings behavior in Laos Journal of Asian Economics, 68, 101197 Morgan, P J., & Trinh, L Q (2019) Determinants and impacts of financial literacy in Cambodia and Viet Nam Journal of Risk and Financial Management, 12(1), 19 Morgan, P J., Huang, B., & Trinh, L Q (2019) The need to promote digital financial literacy for the digital age IN THE DIGITAL AGE Morgan, P., & Pontines, V (2014) Financial stability and financial inclusion Morgan, P., & Trinh, L Q (2019) Fintech and Financial Literacy in the LAO PDR Muralidharan, K., Niehaus, P., & Sukhtankar, S (2014) Payments infrastructure and the performance of public programs: Evidence from biometric smartcards in india National Bureau of Economic Research 47 Nanziri, E L (2016) Financial inclusion and welfare in South Africa: Is there a gender gap? Journal of African Development, 18(2), 109-134 Okello Candiya Bongomin, G., Munene, J C., & Yourougou, P (2020) Examining the role of financial intermediaries in promoting financial literacy and financial inclusion among the poor in developing countries: Lessons from rural Uganda Cogent Economics & Finance, 8(1), 1761274 Okello Candiya Bongomin, G., Ntayi, J M., Munene, J C., & Malinga, C A (2018) Mobile money and financial inclusion in sub-Saharan Africa: the moderating role of social networks Journal of African Business, 19(3), 361384 Organisation for Economic Co-operation and Development (2015) OECD/Infe toolkit for measuring financial literacy and financial inclusion Organisation for Economic Co-operation and Development.(2020) OECD/Infe international survey of adult financial literacy competencies Panos, G A., Karkkainen, T., & Atkinson, A (2020) Financial literacy and attitudes to cryptocurrencies (No 2020_26) Park, C Y., & Mercado, R (2015) Financial inclusion, poverty, and income inequality in developing Asia Asian Development Bank Economics Working Paper Series, (426) Ramakrishnan, D (2012, June) Financial literacy and financial inclusion In 13th Thinkers and Writers Forum Sahadeo, C (2018) Financial Literacy and Money Script Springer Books Santini, F D O., Ladeira, W J., Mette, F M B., & Ponchio, M C (2019) The antecedents and consequences of financial literacy: a meta-analysis International Journal of Bank Marketing Sarma, M., & Pais, J (2011) Financial inclusion and development Journal of international development, 23(5), 613-628 48 Schwab, C., Iannicola, D., Beck, T., Hira, T., Bryant, J H., Parker, J., & Dawson, C (2008) President’s advisory council on financial literacy Annual Report to the President Washington: The department of the treasury Sekar, M., & Gowri, M (2015) A study on financial literacy and its determinants among generation Y employees in Coimbatore city Great Lakes Herald, 9(1), 35-45 Sethi, D., & Acharya, D (2018) Financial inclusion and economic growth linkage: Some cross country evidence Journal of Financial Economic Policy Sharma, D (2016) Nexus between financial inclusion and economic growth: Evidence from the emerging Indian economy Journal of financial economic policy Shihadeh, F H (2018) How individual’s characteristics influence financial inclusion: evidence from MENAP International Journal of Islamic and Middle Eastern Finance and Management Soumaré, I., Tchana Tchana, F., & Kengne, T M (2016) Analysis of the determinants of financial inclusion in Central and West Africa Transnational Corporations Review, 8(4), 231-249 Suri, T (2017) Mobile money Annual Review of Economics, 9, 497-520 Swiecka, B., Yeşildağ, E., Özen, E., & Grima, S (2020) Financial literacy: the case of Poland Sustainability, 12(2), 700 Statiscal summary book of Viet Nam https://www.gso.gov.vn/du-lieu-va-solieu-thong-ke/2021/07/nien-giam-thong-ke-tom-tat-2020/ Trianto, B., elfi Barus, E., & Sabiu, T T (2021) Relationship Between Islamic Financial Literacy, Islamic Financial Inclusion And Business Performance: Evidence From Culinary Cluster Of Creative Economy IKONOMIKA, 6(1), 19-38 49 Van Rooij, M., Lusardi, A., & Alessie, R (2011) Financial literacy and stock market participation Journal of Financial economics, 101(2), 449-472 Verbeek, M (2008) A guide to modern econometrics John Wiley & Sons Viet Nam Banking Network (2020) https://thebank.vn/cong-cu/tim-chi-nhanhngan-hang.html Wagner, J (2003) The Impact of Personal Characteristics and the Regional Milieu on the Transition from Unemployment to Self-employment: Empirical Evidence for Germany/Zur Bedeutung von individuellen Charakteristika und regionalem Milieu für Existenzgründungen aus der Arbeitslosigkeit: Empirische Ergebnisse für Deutschland Jahrbücher für Nationalökonomie und Statistik, 223(2), 204-222 World Bank Group, & People's Bank of China (2018) Toward Universal Financial Inclusion in China: Models, Challenges, and Global Lessons World Bank World Bank Group (2016) World development report 2016: digital dividends World Bank Publications Xu, L., & Zia, B (2012) Financial Literacy around the World Yangdol, R., & Sarma, M (2019) Demand-side factors for financial inclusion: A cross-country empirical analysis International Studies, 56(2-3), 163-185 Zins, A., & Weill, L (2016) The determinants of financial inclusion in Africa Review of development finance, 6(1), 46-57 50 APPENDICES Omnibus Tests Omnibus Tests of Model Coefficients Step Chi-square df Sig Step 60.195 16 000 Block 60.195 16 000 Model 60.195 16 000 Model Summary Step -2 Log likelihood Cox & Snell R Square Nagelkerke R Square 309.765a 101 210 Hosmer and Lemeshow Test Hosmer and Lemeshow Test Step Chi-square df Sig 6.430 599 Gender Age Age^2 Education Correlation FI FL FI 1.000 FL 0.1863 1.000 FT 0.000 FT Gender 0.436 0.128 0.000 0.002 0.001 -0.004 0.060 0.931 0.156 0.978 1.000 51 1.000 Age Age^2 Education Place_HCM Place_VL Place_LC 0.16 0.112 0.049 -0.014 0.708 0.007 0.249 0.737 0.012 0.113 0.043 -0.013 0.994 0.769 0.007 0.308 0.758 0.000 0.050 -0.016 0.067 0.022 0.051 0.040 0.230 0.709 0.112 0.599 0.222 0.337 0.112 0.026 0.163 0.051 0.172 0.163 0.119 0.008 0.534 0.000 0.226 0.000 0.000 0.005 -0.100 -0.012 0.189 0.017 0.777 0.000 -0.043 0.180 -0.171 -0.113 -0.044 -0.031 0.011 -0.025 0.291 0.556 0.464 0.788 0.306 1.000 1.000 0.000 1.000 0.007 0.000 0.021 -0.020 -0.035 0.628 0.403 0.617 Field of study -0.004 -0.029 0.053 0.926 0.485 0.211 0.085 0.043 0.019 -0.017 0.051 0.692 0.225 0.649 F_Scholarship 0.055 0.026 0.069 -0.008 0.191 0.534 0.101 0.855 0.013 -0.016 0.005 0.705 0.905 0.748 F_Studentloan 0.037 0.042 0.383 0.319 0.011 -0.001 0.012 0.010 -0.103 0.976 0.768 0.814 0.014 -0.071 -0.049 0.054 0.091 0.244 0.199 0.008 0.004 0.008 0.060 0.857 0.922 0.852 0.155 Emloyment_ 0.143 0.036 0.158 0.021 0.076 0.077 -0.011 Status 0.001 0.395 0.000 0.620 0.071 0.066 0.788 0.803 F_Family 52 P_Rental House 0.147 0.066 0.093 0.032 0.020 0.016 -0.022 0.000 0.114 0.026 0.446 0.629 0.707 0.599 P_Dormitory 0.059 0.054 0.043 0.028 0.028 054 0.162 0.196 0.028 0.307 0.502 0.511 0.197 -0.168 -0.085 0.084 0.000 0.042 0.045 -0.047 0.030 -0.025 0.004 -0.083 -0.045 0.048 0.048 0.289 0.250 0.020 0.011 0.063 0.018 -0.019 0.794 0.132 0.677 0.660 0.509 P_Family Spending Spending 0.264 0.546 0.931 0.474 0.638 0.017 -0.011 -0.051 0.796 0.223 0.694 0.047 -0.053 0.032 0.207 0.453 0.261 Spending Spending 0.089 -0.005 0.006 -0.097 0.076 0.077 0.015 0.035 0.908 0.895 0.021 0.069 0.065 0.729 0.008 -0.026 0.039 0.107 0.013 0.012 0.011 0.848 0.536 0.011 0.762 0.777 0.787 0.354 Place_ Place_ Place_ Field of HCM VL LC study F_ 1.000 Place_VL -0.865 1.000 0.000 Place_LC -0.450 -0.059 1.000 0.000 0.158 53 F_ Scholar Student Family ship Place_HCM F_ loan Field of study -0.098 0.063 0.083 0.019 0.048 0.135 F_Scholarship -0.026 -0.028 0.101 0.530 1.000 -0.028 1.000 0.513 0.016 0.500 F_Studentloan -0.166 0.173 0.022 -0.022 -0.144 0.598 0.602 1.000 0.000 0.000 0.126 -0.083 -0.103 0.039 -0.789 -0.495 0.003 0.048 0.000 0.000 Emloyment_ 0.135 -0.114 -0.066 -0.155 0.035 0.104 -0.096 Status 0.001 0.007 0.404 0.013 0.023 P_Rental House 0.022 -0.058 0.060 -0.031 0.012 0.063 -0.050 0.606 0.166 0.462 0.136 0.237 P_Dormitory 0.038 -0.025 -0.031 -0.029 0.075 -0.053 -0.033 0.365 0.549 0.075 0.209 0.434 F_Family P_Family Spending Spending Spending Spending 0.014 0.116 0.151 0.463 0.359 0.000 0.498 0.001 0.770 1.000 -0.035 0.067 -0.050 0.041 -0.038 -0.045 0.061 0.406 0.109 0.233 0.330 0.365 0.287 0.145 -0.139 0.152 0.005 0.003 0.058 0.082 -0.102 0.001 0.000 0.899 0.939 0.165 0.050 0.015 0.002 -0.028 0.046 0.002 -0.015 -0.038 0.037 0.968 0.512 0.966 0.722 0.369 0.384 0.088 -0.074 -0.044 0.013 -0.058 -0.016 0.061 0.036 0.079 0.169 0.705 0.149 0.106 -0.102 -0.030 -0.022 0.001 -0.047 0.029 0.011 0.015 0.475 0.593 0.268 0.498 P_ P_ P_ Spend Spend Spend Dormi Family _ing _ing _ing Emloy _ment 0.278 0.301 54 0.751 0.990 Status Rental _tory House Emloyment_ 1.000 Status P_Rental House 0.125 0.003 P_Dormitory -0.024 P_Family Spending Spending Spending Spending 1.000 -0.188 1.000 0.570 0.000 -0.118 -0.941 -0.154 0.005 0.000 -0.064 -0.281 -0.017 0.288 0.127 0.000 0.694 0.000 0.030 0.080 0.046 -0.097 -0.587 0.477 0.056 0.278 0.021 0.000 -0.015 0.146 -0.014 -0.142 -0.296 -0.340 0.721 0.000 0.734 0.001 0.000 0.000 0.066 0.132 -0.030 -0.122 -0.255 -0.293 -0.148 0.114 0.002 0.475 0.004 0.000 0.000 0.000 1.000 0.000 1.000 1.000 1.000 Spend _ing Spending 1.000 (Source:The author synthesized) Questionaire Question 1: Do you have a bank account or another type of formal financial institution ? 󠄗Yes (1) 󠄗No (2) 55 Question : If you don't have an account, why don't you have a bank account ? (can choose more than one answer) 󠄗Bank is too far (1) 󠄗High cost (2) 󠄗Do not have all the required documents (3) 󠄗Unbelief (4) 󠄗Get used to using cash (5) 󠄗Family member already has an account (6) 󠄗No need to use financial services (7) 󠄗I have zalopay, samsung pay etc and my parents transfer money for me to pay the bills) (8) 󠄗Another reason (9) Question 3: If you have an account, what is your account like ? 󠄗Owned by you (1) 󠄗You co-own with someone else (2) 󠄗Owned by you under the guardianship of a representative (3) Question : Have you learned about savings, interest rates, and inflation ? (If you have another answer , please write specific.) 󠄗Yes (1) 󠄗No (2) 󠄗Another answers (3) Question : Suppose you had 100.000 dong in a savings account and the interest rate was 2% per year After years, how much you think you would have in the account if you left the money to grow ? (If you have another answer , please write specific.) 󠄗More than 102.000 dong (1) 󠄗Exactly 102.000 dong (2) 󠄗Less than 102.000 dong (3) 󠄗Do not know (4) 56 󠄗Another answers (5) Question : Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year After year, how much would you be able to buy with the money in this account ? (If you have another answer , please write specific.) 󠄗More than today (1) 󠄗Exactly the same (2) 󠄗Less than today (3) 󠄗Haven't learned about inflation (4) 󠄗Another answers (5) Question : Assume a friend inherits 100.000.000 dong today and his sibling inherits 100.000.000 dong years from now Who is richer because of the inheritance ? (If you have another answer , please write specific.) 󠄗My friend (1) 󠄗His sibling (2) 󠄗They are equally rich (3) 󠄗Do not know (4) 󠄗Another answers (5) Question : Suppose that in the year 2025, your income has doubled and the prices of all goods have doubled too In 2025, how much will you be able to buy with your income ? (If you have another answer , please write specific.) 󠄗More than today (1) 󠄗The same (2) 󠄗Less than today (3) 󠄗Do not know (4) 󠄗Another answers (5) Question : An investment with a high return is likely to be high risk ? 󠄗True (1) 󠄗False (2) 57 Question 10 : Do you think the risk will be reduced if you buy multiple stocks or put your savings in more than one place ? 󠄗True (1) 󠄗False (2) Question 11: Do you have a mobile phone ? 󠄗Yes (1) 󠄗No (2) Question 12 : Please give me some information below (You can choose more than one answer) Mobile banking (1) Internet banking (2) E-wallets (ZaloPay, Momo, AirPay, ) (3) Are you using any service ?(1) 󠄗 󠄗 󠄗 What service you use to pay for orders ? (2) 󠄗 󠄗 󠄗 Which service you use to check your account balance ? (3) 󠄗 󠄗 󠄗 What service you use to transfer money ? (4) 󠄗 󠄗 󠄗 Question 13 : What is your gender ? 󠄗Male (1) 󠄗Female (2) 󠄗Another answers (3) Question 14 : What is your age ? (Please enter your age, for example: 16) 58 Question 15 : Where are you studying ? 󠄗Ho Chi Minh City (1) 󠄗Vinh Long (2) 󠄗Lai Chau (3) Question 16 : What is your education level ? 󠄗1st_year student (1) 󠄗2nd_year student (2) 󠄗3rd_year student (3) 󠄗4th_year student (4) 󠄗5th_year student (5) 󠄗6th_year student (6) 󠄗Another answers (7) Question 17 : What is your major ? 󠄗Natural Science: Physics; Chemistry; Biology; Earth science; Astronomy; Engineering; Agricultural science; Medicine; Dentistry; Pharmacy (1) 󠄗Social Science: Economics; Political science; Sociology; Psychology; Business administration; Jurisprudence; Pedagogy (2) 󠄗Formal Science: Mathematics; Statistics, Computer Science (3) Question 18: How you finance your study? (Allow multiple answers If you have another answer , please write specific 󠄗Full scholarship (1) 󠄗Partial scholarship (2) 󠄗Student loan (3) 󠄗Self-funded by working (4) 󠄗Self-funded by family (5) 󠄗Another answers (6) Question 19 : Besides studying, you have a part-time job ? (If you have another answer , please write specific.) 59 󠄗Going to work part time (1) 󠄗No working (2) 󠄗Another answers (3) Question 20 : Where is your current place ? (If you have another answer , please write specific.) 󠄗Rent (1) 󠄗Living with parents/sisters/relatives (aunt, aunt, uncle, aunt, ) (2) 󠄗Another answers (3) Question 21 : How much you spend on average each month? (No tuition fee Please enter the amount in dong, for example 2.500.000) 60 ... regression The study employs a robust Binary regression to examine the impact of financial literacy on financial inclusion and the impact of Fintech on financial inclusion The results suggest that financial. .. that the impact of financial literacy and financial inclusion plays an important role Lack of financial literacy will lead to ineffective financial decisions What is the impact of financial literacy. .. examining the most basic measure of financial inclusion – the proportion of the respondents that has a bank account The table shows the results of the logistic regression analysis The output shows the