Anecdotally, the popular perception appears to be that as being an advanced nation, Australia “does not have a problem with financial inclusion”.
The reality is different.
According to statistics published by the Centre for Social Impact, one in five Australian adults is considered “financially excluded” – i.e. “unable to access safe, affordable, and appropriate financial products/services when they need them”.
“After three decades of innovation and unprecedented expansion of access to financial services for the underserved, leaders are now faced with a new question: how to leverage the potential of this broader financial access to foster entrepreneurship, reduce poverty and improve well-being”.
Harvard University, “Rethinking financial inclusion”, Evidence for Policy Design (EPoD) Program. Retrieved June 2018.
According to the US-based Consultative Group to Assist the Poor (CGAP), financial inclusion is defined as:
“…a state where both individuals and businesses have opportunities to access, and the ability to use, a diverse range of appropriate financial services that are responsibly and sustainably provided by formal financial institutions”.
There are three aspects to this definition:
Adapted from: CGAP (2019)
Gen Advisory has the expertise to advise ADIs on the following aspects of financial inclusion:
Financial inclusion action plans (FIAPs)
Financial inclusion strategies
Root causes of financial inclusion
The needs of the
A systemic approach to financial inclusion