Show Summary Details

Page of

Printed from Encyclopedia of Social Work. Under the terms of the licence agreement, an individual user may print out a single article for personal use (for details see Privacy Policy and Legal Notice).

date: 29 November 2020

Financial Inclusion and Financial Accesslocked

  • Julie Birkenmaier, Julie BirkenmaierSaint Louis University
  • Mathieu Despard, Mathieu DespardThe University of North Carolina at Chapel Hill
  • Terri FriedlineTerri FriedlineThe University of Kansas
  •  and Jin HuangJin HuangSaint Louis University

Summary

Financial inclusion, the goal of financial access, broadly refers to the ability of all people in a society to access and be empowered to use safe, affordable, relevant, and convenient financial products and services for achieving their goals. Financial inclusion promotes household and societal financial well-being and requires access to an array of financial products and services such as savings accounts, credit cards, mortgage and small business loans, and small-dollar consumer loans. Despite the advantages, too many individuals and households lack financial inclusion and access by being unbanked, underbanked, and/or they are forced to use alternative financial services. Achieving financial inclusion will require participation from many different types of formal financial institutional actors, such as banks, credit unions, community development financial institutions, and national credit bureaus. Social work assists to build financial inclusion and access through practice innovations, research, and policy advocacy.

You do not currently have access to this article

Login

Please login to access the full content.

Subscribe

Access to the full content requires a subscription