ARE TRANSGENDER PEOPLE FINANCIALLY INCLUDED IN THE SOCIETY? A CONCEPTUAL APPROACH

Abstract

The equality of opportunity and accessibility to financial services is known as financial inclusion. It describes a procedure that makes suitable, inexpensive, and timely financial goods and services—such as banking, lending, equity, and insurance products—available to both consumers and enterprises. By giving the unbanked people access to savings, investment, and insurance options, it is a way to improve economic growth's inclusivity while also lowering income disparity and raising family income. Efforts to promote financial inclusion usually focus on providing sustainable financial services to the unbanked and underbanked. Being financially inclusive means doing more than just establishing a bank account. Financial services may not be available to banked persons. Achieving financial inclusion has been a goal for many nations worldwide since it has been linked to better and more sustainable economic growth and development. These nations have more inclusive financial systems. It was anticipated that 1.7 billion individuals did not have a bank account in 2018. Women and the impoverished in rural regions make up a sizable portion of the unbanked, as do persons who are frequently shut out of financial institutions, experience prejudice, or are members of marginalised or vulnerable groups. Insufficient financial services and infrastructure cause hardship for a large number of low-income and underprivileged groups. In particular, low-income groups may suffer from improper information and be put at financial danger. This study explores the challenges the transgender population experiences in obtaining official financial services in an effort to fill the knowledge gap in the literature. Even if the gender gap and financial inclusion are hot topics in the literature, the conversations are frequently limited to the binary gender categorization of men and women. The general objective of financial inclusion may be impeded by the widespread misconception regarding the existence of transgender individuals or third genders.

Keywords:-  Transgender People, Financial Inclusion, Financial  Technology, Financial Literacy