Financial inclusion and financial capability are terms sometimes used interchangeably, sometimes distinguished and, while the issues concerning both have been discussed in depth in previous research, nowhere is the relationship between the two directly addressed: does one ‘cause’ the other? Can there be capability without inclusion? Are the two concepts really just describing the same phenomena? As we make progress in this area, and re-assess priorities for the sector going forward, we need to consider the terminology and ask: is the language we use still relevant? This report was funded by RBS.
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