5: Bridging the Empowerment Gap: Understanding the Alignment of Financial Awareness Programs and Financial Inclusion in Higher Education Institutions

This chapter explores the contribution of higher education institutions (HEIs) to Sustainable Development Goal (SDG) 10, which concerns reducing inequalities between and within countries by fostering equal resource distribution and empowering social, economic, and political inclusion irrespective of age, sex, gender, ethnicity, religion, or income. Specifically, it highlights a pivotal role for HEIs in driving the awareness programs of financial literacy and methods of financial inclusion (FI) in bridging the empowerment gap, especially in countries with heterogeneous socioeconomic indices. Financial literacy is shown to facilitate informed decision-making and enhance FI, acting as a catalyst to empower marginalized sections of society, and making tertiary education more accessible and affordable. Research involving the chapter drew upon a review of journal articles, government websites, and prior studies on related topics, with a focus on developing nations where the empowerment gap is particularly wide. A model was developed to show the interdependency of FI and the work of HEIs, with financial literacy acting as a moderator contributing to the attainment of SDG target 10.2 in enhancing social and economic inclusivity.