“…Moreover, it finds positive and statistically significant values at different significance levels for income level in column 1, financial literacy and healthy lives in columns 1 and 3. The findings endorse empirical works that document that human developmental factors such as income or living standards (Ardic et al, 2011; Barr, 2004; Connolly & Hajaj, 2001; Demirgüç‐Kunt & Klapper, 2012; World Bank, 2005), and literacy (Amaeshi, 2006; Osei‐Assibey, 2011; Sarma, 2008; Zeti, 2005) are the underlying factors to promoting financial inclusion. Individuals or households with little or no education are more likely to be financially illiterate, and therefore lack knowledge, understanding and information on financial products, services, and basic financial management (Barr, 2004; Connolly & Hajaj, 2001; Kempson & Whyley, 1998).…”