Financial inclusion, education, and employment: empirical evidence from 101 countries

This study analysed data for 101 countries from the World Bank’s Financial Inclusion and Financial Availability Survey databases for 2011, 2014, 2017, and 2021. It constructed a new financial inclusion evaluation index system incorporating digital empowerment and built a two‑way fixed‑effects panel regression model to examine the impact of financial inclusion on employment, while testing the moderating effect of education. Results show that financial inclusion improves employment levels. Education is positively related to employment and strengthens the positive impact of financial inclusion on employment. Heterogeneity analysis indicates the effect is stronger for females. The employment‑promoting effect of financial inclusion is largest in low‑ and middle‑income countries, followed by high‑income countries, suggesting a necessary economic foundation for inclusive finance and relatively greater benefits for poorer regions. The findings have implications for improving employment and expanding financial inclusion.