Paper

All In: Building the Path to Global Prosperity through Financial Capability and Inclusion

Understanding ways to create a more inclusive financial system
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This paper discusses the role of savings, access to affordable credit, and opportunities for asset building in assisting the country's vulnerable families to improve their financial footing. It throws light on the ways in which financial vulnerability leads to compounding problems and takes up the case of the power of a healthy household balance sheet. The paper also discusses the benefits of consumer financial stability to employers, taxpayers, and the macroeconomy, and how financial capability can be a tool for increasing economic security and mobility. On a note of conclusion, the paper points to three areas that need further attention:

  • Deepen understanding of the real economic and social costs of inadequate access to financial services and financial insecurity to consumers, to communities, and to the wider economy. This will ensure the most efficient use of the public and private funds deployed to address financial insecurity;
  • Refine knowledge regarding the design and delivery of high-quality, affordable financial products that are both scalable and also meet the needs of very diverse under- and unbanked consumers;
  • Create effective, sustainable, and scalable financial capability models that take advantage of cross-sector collaborations, technological advances, and innovative methods for delivering services.

About this Publication

By Bowdler, J.L. & Gorham, L.S.
Published