Determinants and Challenges in Financial Literacy: A Systematic Review

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Background: Financial literacy is considered to be one of the most critical factors for financial well-being, responsible financial decision-making and inclusive economic development. In India, various efforts have been undertaken to enhance financial education and financial inclusion. Despite having relatively high literacy rate and growing banking infrastructure, financial awareness, digital financial capability, and access to financial education is still a problem in the state of Himachal Pradesh especially in the remote areas and rural areas. Objective: The present Systematic Review was designed to take a well-rounded look at the literature published on Financial Literacy in the state of Himachal Pradesh, India. Methods: The review was carried out based on the PRISMA 2020 guidelines. The research was conducted using a systematic search strategy across the databases, namely, Scopus, Web of Science, ScienceDirect, SpringerLink, Emerald Insight, JSTOR, Google Scholar, Shodhganga, publications of the Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (NABARD), Securities and Exchange Board of India (SEBI) and the National Centre for Financial Education (NCFE). Articles published in English journals from January 2010 to June 2026 were considered. Conclusion: Financial literacy is essential to achieve improved financial inclusion, responsible financial behaviour and achieve sustainable socio-economic development in the State of Himachal Pradesh. The results highlight the importance of introducing specific financial education programs, enhancing digital financial literacy and introducing inclusive policy measures for vulnerable and underserved groups. Standardization in assessment tools and longitudinal study designs would yield more evidence for policy making and programme evaluation in the future.

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