Authors: Sashi Bhushan Rai, Dr. Bipin R. Bankar
Abstract: Financial inclusion has become a central component of inclusive economic development, yet the availability of financial services does not necessarily translate into their effective and sustained use by lower- and middle-income groups. This systematic literature review examines the relationship between financial awareness, service accessibility and actual utilisation, with particular attention to the socioeconomic, institutional, behavioural and technological factors that shape financial participation. Drawing on established financial inclusion frameworks, recent systematic reviews, international financial inclusion evidence and research on consumer protection, the paper synthesises the mechanisms through which financial knowledge, affordability, physical and digital infrastructure, institutional trust, product suitability and regulatory safeguards influence financial behaviour. The review distinguishes three interdependent dimensions: awareness of financial products, eligibility and practical access to services, and active, informed and beneficial utilisation. The synthesis indicates that financial inclusion is better understood as a multidimensional process than as a binary measure of account ownership. Digital financial services can reduce geographic and transaction barriers, but their benefits depend on digital capability, service reliability, consumer protection and the suitability of products for irregular and constrained household incomes. Moreover, financial literacy alone cannot overcome structural barriers such as insufficient income, documentation requirements, high costs and inadequate service infrastructure. The paper develops an integrated conceptual framework in which awareness influences access readiness, access enables potential participation, and utilisation depends on affordability, trust, capability and product relevance. It also identifies research priorities concerning inactive accounts, informal financial practices, gendered constraints, digital exclusion, financial resilience and the long-term consequences of financial service use. The review contributes to financial inclusion scholarship by integrating awareness, access and utilisation into a single analytical framework and offers practical implications for financial institutions, regulators and policymakers seeking to promote equitable, responsible and sustainable financial participation
