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Access to finance is the ability of individuals or enterprises to obtain financial services, including credit, deposit, payment, insurance, and other risk management services. [1] Those who involuntarily have no or only limited access to financial services are referred to as the unbanked or underbanked, respectively.
Financial inclusion is the availability and equality of opportunities to access financial services. [1] It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which include banking, loan, equity, and insurance products.
Access to financial services is defined as the share of the adult population (population ages 15+) with an account ownership at a financial institution or with a mobile-money-service provider. The data for the ranking taken from the Global Financial Inclusion Database , which was compiled by the World Bank .
With inflation dominating the financial lives of Americans in 2022, workers and retirees of all ages cut their retirement savings, struggled with debt and found it difficult to make ends meet....
In GOBankingRates' recent Women & Money survey, over half of women -- 53% -- said that a lack of money is the biggest barrier to achieving their primary financial goal, which includes things like...
Ignorance can be bliss, but when it comes to personal finance, it can also end up costing you a lot of money. See: 4 Reasons You Should Cancel Amazon PrimeRead: 3 Ways Smart People Save Money When...
Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit , the provision of small loans to poor clients; savings and checking accounts ; microinsurance ; and payment systems , among other services.
Those who lack adequate assets are unable to seek a better lifestyle and improve their quality of life because they lack the financial resources to do so. [2] By any measure, poverty in the United States is increasing. In 2010, the country saw the poverty rate for individuals rise to 15.1 percent, the highest level in nearly two decades.