Financial inclusion can empower individuals from "summary" of Economic Development by Michael P. Todaro,Stephen C. Smith
Financial inclusion, a key component of economic development, has the potential to empower individuals in various ways. When individuals have access to formal financial services such as savings accounts, credit, and insurance, they are better equipped to manage their finances and plan for the future. This access allows them to smooth consumption, invest in education and healthcare, and protect against risks. As a result, they can improve their overall well-being and lift themselves out of poverty.
Moreover, financial inclusion can also promote entrepreneurship and economic growth. By providing individuals with the necessary financial tools, they can start and expand businesses, create jobs, and contribute to the local economy. This not only benefits the individuals themselves but also the community at large, leading to increased productivity and prosper...
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