Financial inclusion is where all people have access to appropriate, desired financial products and services in order to make their money work well for them. It is achieved by financial literacy and financial capability on the part of the consumer, and by enabling access on the part of suppliers of financial products, services and advice.
There is no definite line between exclusion and inclusion, rather a range of factors and variables experienced by individuals at different times in their lives which affect their financial health. Financial exclusion is not a “trait” but a “state” – it can always be tackled by identifying and addressing the true barriers. Sometimes we need to change the financial ecosystem; sometimes we need to support and empower the individual.
Research and experience shows us who and when people in our society are most likely to experience financial exclusion. Statistical analysis shows that income, geography, ethnicity, social status and household characteristics can all affect financial exclusion levels.
Financial health for all
Financial inclusion isn’t a goal in its own right – it’s a means to achieving financial health for people. Being financial healthy is about your money working well for you, rather than being a source of stress or having a negative impact on other areas of your wider wellbeing.
Like physical and mental health, the environment in which we live and work all have an impact on our financial health. So we also aim to improve that financial health environment.
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