Financial inclusion and basic financial services -

Transcript:Financial inclusion and basic financial services -:
Financial inclusion and basic financial services - Research outcomes Panel 1: Basic Financial Services: A necessary step towards inclusive EU financial services Survey on financial inclusion: unveil invisible vulnerable people Problem: Lack of data on financial exclusion, vulnerable people excluded from the financial system are larger than we think Purpose: Collect data from civil society actors expert on the subject Profile of our respondents: Data from 20 countries Consumer protection Academic Public sector NGO working with vulnerable citizens Credit union Debt advisor Targets of vulnerabilities and barriers Most vulnerable people Illiteracy Digitalization Physical or mental disabilities Gender Record of payment default Lack of skills Self-exclusion Exposure to exclusion by target Poorly designed in terms of: Pricing 58% of our respondent observed illegitimate high price / high cost of financial products and services Complexity 94% of our respondent consider average products are not easy to use Dangerousness and riskiness 89% of our respondent agree that vulnerable users are particularly in danger of taking on risky financial products Basic financial services that should be made available for social inclusion Payment and transaction Credit Savings Insurance Bank account Guaranteed access to cash Responsible lending Saving accounts Most appropriate option to response life events Basic civil insurance for: Health Car House