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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.
There is a diversity of definitions used by bodies such as NGOs and think tanks, but in its broadest sense, financial literacy is an understanding of money. [8] Some of the definitions below are closely aligned with "skills and knowledge", whereas others take broader views, and some are from academic research which is tested and validated:
Financial services may be provided by a variety of financial intermediaries that are part of the financial system. A distinction is made between formal and informal providers of financial services, which is based primarily on whether there is a legal infrastructure that provides recourse to lenders and protection to depositors. [ 7 ]
Social inclusion is the converse of social exclusion. As the World Bank states, social inclusion is the process of improving the ability, opportunity, and worthiness of people, disadvantaged on the basis of their identity, to take part in society. [51]
Illustration from a 1916 advertisement for a vocational school in the back of a US magazine. Education has been seen as a key to economic mobility, and this advertisement appealed to Americans' belief in the possibility of self-betterment, as well as threatening the consequences of downward mobility in the great income inequality existing during the Industrial Revolution.
Research at Carnegie Mellon University for financial support, and Howard Seltman, Jay Variyam, and Roberto Weber for numerous helpful suggestions on the design and analysis of our results. We also thank Michael Benisch, Lauren Burakowski, Aya Chaoka, Charlotte Fitzgerald, Lizzie Haldane, Min Young Park, and Eric Tang for help with data collection.
Financial independence is a state where an individual or household has accumulated sufficient financial resources to cover its living expenses without having to depend on active employment or work to earn money in order to maintain its current lifestyle. [1]
The Maya Declaration is a global initiative for responsible and sustainable financial inclusion issued by the Alliance for Financial Inclusion that aims to reduce poverty and ensure financial stability for the benefit of all. It is the first global and measurable set of financial inclusion commitments by developing and emerging economies.