Palic, Mi ko; Najdano ic, Zo an; Tu ek, Na alia
A icle
Implica ions be ween Financial Li e acy and C edi Ca d
use among Re i ees in Bosnia and He zego ina
ENTRENOVA - ENTe p ise REsea ch InNOVA ion
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Palic, Mi ko; Najdano ic, Zo an; Tu ek, Na alia (2025) : Implica ions be ween
Financial Li e acy and C edi Ca d use among Re i ees in Bosnia and He zego ina, ENTRENOVA -
ENTe p ise REsea ch InNOVA ion, ISSN 2706-4735, IRENET - Socie y o Ad ancing Inno a ion and
Resea ch in Economy, Zag eb, Vol. 10, Iss. 1, pp. 96-104,
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Vol. 10 No. 1
Implica ions be ween Financial Li e acy and
C edi Ca d use among Re i ees in Bosnia
and He zego ina
Mi ko Palić
Facul y o Economics and Business, Uni e si y o Zag eb, C oa ia
Zo an Najdano ić
Uni e si y o Zag eb, Facul y o G aphic A s, C oa ia
Na alia Tu ek
E ec us Uni e si y College, C oa ia
Abs ac
Financial li e acy is c ucial in na iga ing complexi ies o pe sonal inance, enabling
indi iduals o make in o med decisions abou budge ing, sa ing, in es ing, and
bo owing. Financially mo e li e a e indi iduals a e be e equipped o wi hs and
economic unce ain ies, achie e hei inancial goals, and secu e hei long- e m
inancial well-being. The aim o his s udy was o in es iga e le el o inancial li e acy
among e i ees in Bosnia and He zego ina using he “Big Th ee” inancial li e acy
ques ions and o connec he esul s o hei c edi ca d usage. Empi ical esea ch on
556 esponden s showed a e y low le el o inancial li e acy/knowledge among
e i ees as well as a e y low a e o adop ion and usage o c edi ca ds. Resea ch
esul s poin owa d need o be e inancial educa ion o his segmen o popula ion
in o de o aise hei inancial wellbeing and consequen ly he li e quali y as e i ees
in CEE coun ies ep esen a low-income segmen o consume s and he e o e a
inancially ulne able social g oup ha needs be e inclusion in o socie y.
Fu he mo e, he esea ch esul s poin owa d ma ke oppo uni ies, o inancial
ins i u ions ope a ing on Bosnian ma ke , o launch a specialized inancial p oduc
such as c edi ca ds ha would be speci ically ailo ed owa ds he needs o his
pa icula ma ke segmen .
Keywo ds: inancial li e acy, ma ke ing, Bosnia and He zego ina, c edi ca ds
JEL classi ica ion: G53, M31
Pape ype: Resea ch a icle
Recei ed: 24 Feb ua y 2024
Accep ed: 28 May 2024
DOI: 10.54820/en eno a-2024-0010
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ENTRENOVA - ENTe p ise REsea ch InNOVA ion
Vol. 10 No. 1
In oduc ion
Financial li e acy is a b oad e m ha includes inancial knowledge and inancial
beha iou . I is a c ucial componen in p omo ing e ec i e inancial decision-making
and imp o ing o e all inancial well-being, so i is impo an o all indi iduals
ega dless o hei weal h and income. Financial educa ion is abou empowe ing
indi iduals so hey can be e analyse di e en inancial op ions and ake ac ions o
achie e hei inancial goals. This p ocess aises he le el o indi idual esponsibili y in
unde s anding and aking isks when making inancial decisions and when planning
in es men s. Financial li e acy e e s o knowledge, a i udes and beha iou s owa ds
money including amily and business inances. A numbe o in e na ional o ganiza ions
had no able and s ong in luence p omo ing inancial li e acy such as he OECD, he
Wo ld Bank and he Eu opean Commission. OECD was among he i s o s a
sp eading he idea and he need o inancial li e acy among i s membe s (Veho ec
e al., 2015).
OECD de ines inancial li e acy as: “A combina ion o inancial awa eness,
knowledge, skills, a i udes and beha iou s necessa y o make sound inancial
decisions and ul ima ely achie e indi idual inancial well-being.” The inancial li e acy
measu emen ins umen s (ques ionnai es) a e la gely d awn om exis ing su eys and
ep esen good p ac ice in inancial li e acy and inancial inclusion measu emen . The
inancial li e acy ques ions co e (OECD, 2022, 6):
• Financial beha iou s ela ed o inancial li e acy, such as budge ing, planning
and managing inances,
• Financial a i udes ela ed o inancial li e acy,
• Financial knowledge.
The le el o inancial li e acy is measu ed by ques ions ha show knowledge, a i udes
and beha iou s owa ds money, in la ion, sa ings, in e es a es, in es men s, deb ,
loans, inancial con ac s, and o he inancial choices. Fo his eason, inancial li e acy
can gene ally be de ined as a combina ion o in o ma ion, knowledge, skills, a i udes,
and beha iou s necessa y o make sound inancial decisions ha ul ima ely b ing
abou indi idual inancial well-being. Financial li e acy is impo an in unde s anding
inancial p oduc s and making he igh inancial decisions, because i educes he
numbe o indi idual and amily, as well as en ep eneu ial inancial ailu es, as well as
he isk o po e y and con ibu es o economic g ow h and de elopmen . The
esea ch esul s in his s udy ep esen a aluable iden i ica ion o le el o he inancial
li e acy o e i ees in Bosnia and He zego ina.
The pu pose o his esea ch is mul iple. The i s goal is o collec da a desc ibing
he le el o inancial li e acy o e i ed ci izens o Bosnia and He zego ina and o aise
gene al awa eness o he popula ion on his opic. The second is ha , based on he
esul s and associa ion be ween inancial li e acy and c edi ca d usage migh p o e
as an oppo uni y o an in oduc ion o a new specialized inancial p oduc o
inancial ins i u ions ope a ing on Bosnian ma ke : a c edi ca d ha would be
speci ically ailo ed owa ds he needs o his a ge ed ma ke segmen . The ac ha
Bosnia and He zego ina consis o wo en i ies (Fede a ion o BiH and Republika
S pska) is jus one example o he challenge acing go e nmen in concep ualizing
and consolida ing inancial ins i u ions and public s uc u es o he as e economic
de elopmen and wellbeing o i s ci izens. When esea ching opics connec ed o
banks, unde s anding use s and hei beha iou is o c ucial impo ance o hei
success ul ope a ions, and con empo a y ma ke ing app oach emphasises
cus omiza ion o he use in e ac ion. Banking is cha ac e ized by la ge numbe o
clien s, hei accoun s, and ansac ions as well as wi h a wide ange o p oduc s and
se ices and a high deg ee o dependence on echnology (C ox o d, Ab amson &
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Jablonowski, 2005). I is conside ed ha he banking sec o o Bosnia and He zego ina
(BiH) is he mos s able segmen o he BiH economy and has an impo an ole and
signi ican impac on he economic de elopmen o he coun y (E ceg, Milo ano ić
& Mi o ić, 2017). The main isk banks in BiH ace is he c edi isk o hei clien s, which
is s ill a eason o conce n and which ce ain ins i u ional inancial policies ha e been
ying o educe o yea s (E ceg, Milo ano ić & Mi o ić, 2017). Banks a e ocused on
esea ching consume cha ac e is ics, hei needs and decision-making p ocess
ega ding pu chases, pe cei ed isk, expe iences and sa is ac ion wi h banks’
inancial se ices. Nume ous s udies demons a ed ha adop ion a e o new banking
echnologies, se ices and inancial p oduc s a e no e enly sp ead ac oss all age
g oups in socie y, jus as he e a e signi ican di e ences be ween coun ies in e ms
o bo h digi aliza ion and digi al inancial solu ions (Ga ai-Fodo , Va ga & Csiszá ik-
Kocsi , 2022). Indi iduals’ inancial well-being is incumben on hei ac ions. Al hough
in luenced by ex e nal o ces such as economic ac o s and inancial egula o y
amewo k adop ed by go e nmen and p i a e indus y, decisions a e ul ima ely
made by indi iduals (Robb & Woodya d, 2011).
Me hodology
Quan i a i e empi ical explo a i e esea ch has been unde aken using highly
s uc u ed ques ionnai e. The p ima y da a collec ion ook place be ween Janua y
and Ma ch o 2024 in banking b anches on he e i o y o Republic o Bosnia and
He zego ina we e b anch employees adminis e ed ques ionnai e in pe son o hei
e i ed clien s ha we e willing o ake pa in he esea ch and ga e consen o he
pa icipa ion. Highly s uc u ed ques ionnai e consis ed o h ee pa s: (1) ques ions
ega ding c edi ca d usage and main communica ion channels wi h he bank, (2)
he Big Th ee inancial li e acy ques ions, and (3) socio-demog aphic a iables ha
p o ide be e desc ip ion o he esponden sample. The ques ionnai e was ai ly sho
in o de o be mo e con enien o he clien s o pa icipa e and sa e hei ime.
P ima y da a was manually en e ed in o he sp eadshee and hen ecoded, impo ed
and p ocessed in he IBM SPSS . 24 s a is ical so wa e.
Resea ch esul s
The o e all numbe o esponden s pa icipa ing in he esea ch was 702 ac oss 32
bank b anches. Howe e , some esponden s changed hei mind abou pa icipa ion
o declined o answe ce ain ques ions. Finally, he e has been 556 ques ionnai es
comple ely comple ed and hose we e included as he p ima y da a o u he
s a is ical analysis. All esponden s we e equi ed o be e i ed and a leas 50 yea s o
age (some occupa ions as well as wa e e ans and disabled people can e i e ea lie
han he s anda d e i emen age o 65). The a e age age o esponden s in he
esea ch was 69 yea s wi h oldes being bo n in 1936 and younges being bo n in he
yea 1974. Male esponden s comp ised 54.1% o he sample and emale sha e was
sligh ly lowe s anding a 45.9%. Mos o he esponden s comple ed high school le el
o educa ion (60.8%), li e in a wo pe son household (43.9%) and ha e a o al mon hly
household income be ween 500-800 KM (25%)(205-410 Eu os).
Howe e , om he collec ed esponses i was ob ious ha a numbe o esponden s
ac ually did no dis inguish be ween debi and c edi ca ds so ac ual numbe o c edi
ca d use s is e en lowe. Also, a ype o c edi ca ds used is no ep esen a i e o en i e
popula ion as all esponden s a e clien s o he same bank ha o e s one majo c edi
ca d.
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Open ques ion ega ding mos equen use o c edi ca d by he esponden s has
been analysed h ough con en analysis. Mos equen use o c edi ca ds is o
pu chase wi h de e ed paymen s and ins almen s (12.1% o all esponden s o 35.3%
o c edi ca d owne s), ollowed by inancing la ge shopping expenses ha a e
usually also bough h ough ins almen s (11%; 32.1%).
Responden s pe cei e aud p o ec ion and pu chase in ins almen s (wi h and wi hou
in e es ) as he main bene i s o c edi ca d use as shown on g aph 1. The main sou ce
o in o ma ion abou banking se ices and p oduc s a e b anch o ices and bank
employees (40.5%) ollowed by TV (24.1%) while in e ne has only 13.5% sha e. This is
“old school” beha iou wha shouldn’ be a su p ise ega ding he a ge ed age
g oup. Finally, when asked i hey would be in e es ed o a specialized c edi ca d
ailo ed o he needs o e i ees, only 26.1% o esponden s we e a i ma i e. The e is
a s a is ically signi ican co ela ion be ween esponden s ha al eady use c edi
ca ds and in e es o specialized c edi ca d o e i ees ( =0.383, p<0.01). Ou o hose
ha we e in e es ed 63.5% al eady ha e a leas one c edi ca d.
Figu e 1
Pe cei ed bene i s o using a c edi ca d (on a scale o 1 no impo an , o 5 e y
impo an )
Sou ce: Au ho ’s wo k
Financial li e acy esul s we e qui e low on he “Big Th ee” inancial li e acy ques ions
as 74.5% o esponden s did no know o answe ed w ongly all h ee ques ions. Fi s
ques ion was co ec ly answe ed by 16.5% o he esponden s, second 12.4%, he hi d
9.5% and only 2.7% had all h ee ques ions answe ed co ec ly (Table 5). In he able
he e is compa ison wi h same measu emen ac oss di e en coun ies. The esul s a e
lowe compa ing o he p e ious esea ch, bu i is wo h men ioning ha he
esponden s in his esea ch belonged o olde , e i ed pa o he popula ion.
Financial li e acy sco e is p esen ed in Table 6 wi h sum o co ec answe s (poin s).
2,44
2,62
1,91
2,65
1,89
2,12
1,98
1,00 1,20 1,40 1,60 1,80 2,00 2,20 2,40 2,60 2,80
Buying in ins allmen s
In e es ee ins allmen pu chase
De e al o paymen s o incu ed expenses / sho - e m
ca d inancing
P o ec ion agains aud and insu ance when pu chasing
ce ain p oduc s
Rewa d poin s
Discoun s a selec ed pa ne s / s o es when paying wi h
a ca d
Inc eases pe sonal inancial secu i y
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Table 5
Compa ison o inancial li e acy sco es be ween di e en coun ies
Coun y
FL I
(%)
FL II
(%)
FL III
(%)
Sample
Yea
All
co ec
(%)
Sou ce
Ge many
82.4
78.4
61.8
1059
2009
53.2
Buche ‐Koenen &
Lusa di (2011)
Swi ze land
79.3
78.4
73.5
1500
2011
50.1
B own & G a (2013)
Ne he land
84.8
76.9
51.9
1665
2010
44.8
Alessie e al. (2011)
Spain
85.2
70.0
56.2
500
2015
44.8
T ombe a (2016)
Aus alia
83.1
63.9
54.7
1024
2012
42.7
Agnew e al. (2013)
Canada
77.9
66.2
59.4
6805
2012
42.5
Boisclai e al. (2017)
Poland
72.2
63.2
68.6
1300
2020
42.0
Ku owski (2021)
Finland
58.1
76.4
65.8
1477
2014
35.6
Kalmi and
Ruuskanen (2017)
F ance
48.0
61.2
66.8
3616
2011
30.9
A ondel e al.
(2013)
USA
64.9
64.3
51.8
1488
2009
30.2
Lusa di & Mi chell
(2011)
Japan
70.5
58.8
39.5
5268
2010
27.0
Seki a (2011)
I aly
40.0
59.3
52.2
3992
2007
24.9
Fo ne o &
Mon icone (2011)
New Zealand
86
81
49%
850
2009
24.0
C ossan (2011)
Sweden
35.2
59.5
68.4
1302
2010
21.4
Almenbe g & Sä e‐
Söde be gh (2011)
Chile
47.4
17.7
40.6
14463
2009
7.7%
Mou e (2015)
Romania
41.3
31.8
14.7
1030
2011
3.8
Beckmann (2013)
Russian
Fede a ion
36.3
50.8
12.8
1366
2009
3.7
Klappe & Panos
(2011)
BiH ( e i ees)
16.5
12.4
9.5
556
2024
2.7
This esea ch
Sou ce: own esea ch (2024); Lusa di & Mi chell (2014); Ku owski (2021)
Table 6
Financial li e acy sco e dis ibu ion among esponden s
Poin s(sco e)
F equency
Pe cen
Cumula i e %
0
414
74.5
74.5
1
85
15.3
89.7
2
42
7.6
97.3
3
15
2.7
100.0
To al
556
100.0
Sou ce: own esea ch
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An independen samples - es was conduc ed o examine he di e ence in inancial
li e acy sco es be ween male and emale pa icipan s. Desc ip i e s a is ics e ealed
ha male esponden s (N = 301, M = 0.47, SD = 0.798, SEM = 0.046) had a highe mean
inancial li e acy sco e compa ed o emale pa icipan s (N = 255, M = 0.29, SD = 0.660,
SEM = 0.041). Le ene's es o equali y o a iances indica ed a iola ion o he
assump ion o equal a iances (F(1, 554) = 20.439, p < .001). The e o e, he esul s o
he - es we e in e p e ed unde bo h assump ions o equal and unequal a iances.
Unde he assump ion o equal a iances, he - es e ealed a s a is ically signi ican
di e ence in inancial li e acy sco es be ween gende s ( (554) = 2.786, p = 0.006).
Simila ly, when assuming unequal a iances, he di e ence emained s a is ically
signi ican ( (553.689) = 2.830, p = 0.005). The mean di e ence in inancial li e acy
sco es be ween males and emales was ound o be 0.175 (SE = 0.062). The 95%
con idence in e al o his di e ence anged om 0.054 o 0.296. These esul s sugges
ha male pa icipan s exhibi ed highe le els o inancial li e acy compa ed o hei
emale coun e pa s.
Pea son co ela ion coe icien s we e compu ed o explo e he ela ionships be ween
a ious a iables. The lis below summa izes he co ela ion coe icien s along wi h hei
signi icance le els:
• A s ong posi i e co ela ion was ound be ween he in e es o a specialized
c edi ca d and he numbe o c edi ca ds al eady owned ( = 0.383, p < 0.01).
This sugges s ha indi iduals who al eady possess mul iple c edi ca ds a e mo e
likely o exp ess a desi e o acqui ing addi ional one - specialized o e i ees.
• The e was a signi ican posi i e co ela ion be ween he in e es o a
specialized c edi ca d and o e all inancial li e acy ( = 0.215, p < 0.01). This
implies ha indi iduals wi h highe le els o inancial li e acy a e mo e inclined
o exp ess a desi e o ob aining c edi ca d specialized o e i ees.
• The numbe o c edi ca ds owned showed a signi ican posi i e co ela ion wi h
inancial li e acy ( = 0.257, p < 0.01). This indica es ha indi iduals wi h mo e
c edi ca ds end o ha e highe le els o inancial li e acy.
• Financial li e acy was posi i ely co ela ed wi h Educa ion le el ( = 0.211, p <
0.01). This sugges s ha indi iduals wi h highe le els o educa ion end o exhibi
g ea e le el o inancial li e acy.
• The e was a signi ican nega i e co ela ion be ween educa ion le el and
gende ( = -0.173, p < 0.01). This indica es ha emales, on a e age, ended o
ha e lowe le els o educa ion compa ed o males in he s udied sample.
• Yea o bi h exhibi ed a signi ican posi i e co ela ion wi h he desi e o a new
c edi ca d ( = 0.153, p < 0.01). This sugges s ha younge esponden s a e mo e
likely o exp ess a desi e o acqui ing a new specialized c edi ca d.
O he mu ual co ela ions o hose a iables we e no in s a is ically signi ican
ela ionship. The signi ican co ela ions men ioned abo e p o ide insigh s in o he
ela ionships be ween a ious ac o s such as c edi ca d owne ship, inancial li e acy,
educa ion le el, gende , and age- ela ed p e e ences o new c edi ca ds among
he s udied popula ion.
Associa ion be ween educa ion le el and inancial li e acy sco e has been
examined in a mo e de ail. The eg ession analysis examined he ela ionship be ween
hose wo a iables. The model e ealed ha educa ion le el signi ican ly p edic s
inancial li e acy sco es (F(1, 554) = 25.736, p < 0.001). The coe icien o educa ion
le el was ound o be 0.203 (p < 0.001), indica ing ha , on a e age, o each one-uni
inc ease in educa ion le el, inancial li e acy inc eases by 0.203 uni s o
Y=−0.030+0.203*(educa ion le el). This sugges s a posi i e ela ionship be ween
educa ion le el and inancial li e acy. Howe e , he e ec size was ela i ely small,
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wi h educa ion le el explaining only app oxima ely 4.4% o he a iance in inancial
li e acy sco es (R Squa e = 0.044). Despi e he s a is ical signi icance, he cons an e m
(-0.030) was no s a is ically signi ican (p = 0.734), sugges ing ha i does no
meaning ully con ibu e o p edic ing inancial li e acy sco es. O e all, while
educa ion le el appea s o be a signi ican p edic o o inancial li e acy, o he ac o s
no included in he model, such as gende and age, also in luence indi iduals'
inancial knowledge and decision-making abili ies so i we dwell deepe he e would
be mo e co ela ion coe icien s and a iables included in o he model making i mo e
accu a e: Y=β0 + β1 (Xeduca ion)+β2 (Xgende ) + β3 (Xage) + … + βn(Xn)
Conclusion
The esea ch esul s poin owa ds some e y in e es ing indings ha a e in
acco dance wi h p e ious such esea ch conduc ed in a ious coun ies. Howe e ,
he e a e some speci ics as well. F om he sample composi ion, whe e majo i y sha e
o esponden s we e men, e en hough women a e mo e p e alen in his age g oup,
o he e y low esul s on inancial li e acy scale, nume ous p ima y da a
cha ac e is ics poin ha his pa o he BiH’s popula ion is cha ac e ised by low
income, low educa ion, e y adi ional and conse a i e inancial beha io and low
inancial knowledge which all cons i u es ounda ions o high le el o inancial
exclusion and inancial ulne abili y o hem and hei households. Compa ing o he
p e ious esea ch and using he same me hodology, inancial li e acy sco e was he
lowes eco ded so a (Table 5). The limi a ion o such compa ison is ha he esea ch
p esen ed in he pape ocused on a pa icula segmen o he popula ion, bu esul s
a e s ill well below a e age bu in acco dance wi h he coun y’s BDP and gene al
le el o economic de elopmen . The p esen ed e idence is also s ongly suppo ed
by e y low adop ion and usage o c edi ca ds, means o communica ion wi h banks,
e c.
S a is ical co ela ions connec ed wi h inancial li e acy a e ound o be ela ed o
gende , le el o educa ion, c edi ca d usage, in e es o a specialized c ed ca d o
e i ees and age. Howe e , when conside ing in oduc ion o a new specialized c edi
ca d o e i ees mos o he esul s poin ha his would no be a inancial p oduc wi h
high o e en sa is ac o y ROI. This is based p ima ily on cu en low le el o inancial
li e acy and c edi ca d usage bu also on jus 26% o esponden s ha exp essed
in e es o he p oduc . Such ma ke sha e would be accep able i no o his
segmen which is cha ac e ized by low income, conse a i e inancial beha iou and
high dis ibu ion cos s gi en ha hei p e e ed sales and p omo ion channel is bank
b anch. In o he wo ds, segmen would gene a e lowe sales income wi h highe han
a e age se icing cos s and lowe cus ome li e ime alue (CLV) in compa ison o
o he ma ke segmen s.
The esea ch conduc ed on e i ees in Bosnia and He zego ina highligh s c i ical
implica ions ega ding inancial li e acy and c edi ca d usage among his ma ke
segmen . Financial li e acy plays a pi o al ole in shaping indi iduals' inancial
beha io s and decision-making p ocesses, ul ima ely in luencing hei long- e m
inancial well-being. Howe e , he s udy e eals a conce ning low le el o inancial
li e acy among e i ees, as e idenced by hei poo pe o mance on he "Big Th ee"
inancial li e acy ques ions. Mo eo e , he esea ch unde sco es a signi ican
unde u iliza ion o c edi ca ds among hem, wi h he majo i y o esponden s ei he
no owning o no ac i ely using c edi ca ds. This eluc ance owa ds c edi ca d
usage could be a ibu ed o ac o s such as low income, conse a i e inancial
beha io s, and limi ed inancial knowledge wi hin his demog aphic. Fu he mo e, he
s udy indica es a ela i e lack o in e es among e i ees o a specialized c edi ca ds
103
ENTRENOVA - ENTe p ise REsea ch InNOVA ion
Vol. 10 No. 1
ailo ed o hei needs. The indings sugges a p essing need o a ge ed inancial
educa ion ini ia i es aimed a imp o ing he inancial li e acy o e i ees in Bosnia and
He zego ina. By enhancing hei unde s anding o inancial concep s and p oduc s,
indi iduals can make mo e in o med decisions abou budge ing, sa ing, in es ing,
and bo owing, he eby imp o ing hei o e all inancial well-being and quali y o li e.
Addi ionally, inancial ins i u ions ope a ing in Bosnia and He zego ina should conside
he unique needs and p e e ences o e i ees when designing inancial p oduc s and
se ices. While he in oduc ion o specialized c edi ca ds may p esen an
oppo uni y, he low le el o inancial li e acy and limi ed in e es among e i ees
necessi a e ca e ul conside a ion o ma ke iabili y and p o i abili y.
In conclusion, add essing he challenges ela ed o inancial li e acy and c edi
ca d usage among e i ees in Bosnia and He zego ina equi es collabo a i e e o s
om go e nmen agencies, inancial ins i u ions, and educa ional ins i u ions. By
empowe ing e i ees wi h he necessa y knowledge and ools, we can wo k owa ds
enhancing hei inancial esilience and imp o ing hei socio-economic s a us in he
long un. The p e en i e cou se o ac ion is o ocus on younge gene a ions now and
o malize a ge ed and specialized inancial educa ion p og ams o hem so hey can
o e hei p oduc i e wo king yea s exhibi s ong inancial inclusion and enhance hei
weal h and by he ime hey each e i emen hey will be be e o han he p e ious
gene a ions.
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