- Singapore retains number one position as the world’s most
financially inclusive market for the third year in a row, as
Asia-Pacific markets comprise half of the top 10.
- All regions saw improvement in financial inclusion with only
eight out of the 41 markets analyzed experiencing a decline in
scores.
- The U.S. financial inclusion score remained unchanged, but now
ranks seventh, falling outside of the top five markets for the
first time since the inception of the Index.
Singapore is once again the world’s most financially inclusive
market across 41 analyzed, followed by Hong Kong, South Korea,
Switzerland, and Sweden, according to the third edition of the
Global Financial Inclusion Index (the Index) from Principal
Financial Group®.
The research released today, conducted by the Centre for
Economics and Business Research (Cebr) and Principal®, ranks
markets based on the support provided by employers, the government,
and the financial system to foster financial inclusion. The report
provides a comprehensive and comparative evaluation of financial
inclusion on a global scale – ranking 41 markets on a relative
basis in addition to an absolute score assigned at the global and
regional levels.
“It's been a challenging year with inflation outpacing wage
growth, interest rate hikes, and ongoing market uncertainty.
However, even amid these economic pressures, we’ve seen global
financial inclusion improve for the second year in a row, as
employers, governments and financial systems continue to
collectively increase access to useful and affordable financial
products and services,” said Dan Houston, chairman and CEO of
Principal. “As it became harder for businesses and households
to access lending, we have seen how governments and the private
sector have stepped up to help societies weather these economic
conditions. This has led to levels of financial inclusion
continuing to increase around the world.”
Key findings
- Financial inclusion has improved globally for the second
consecutive year, with all regions and subregions seeing
improvements. Latin America showed the greatest improvement.
- The Asia-Pacific region increased its number of
top-performing markets. Singapore, Hong Kong, South Korea,
Thailand, and Australia all secured spots in the top 10 this
year.
- Employers in young Asian economies have stepped up to
help consumers and businesses weather local market economic
challenges by supporting households through short-term periods of
financial strain. Southeast Asian economies including Vietnam,
Thailand, Malaysia, and Indonesia have seen upticks in elements of
employer support around flexible pay initiatives such as advancing
paychecks or increasing regularity of payments.
- Latin American markets leap forward in financial inclusion
with advancements in digital financial infrastructure.
Argentina leads the way, jumping 14 places overall.
- Consumer perception of financial inclusion has fallen across
the world. Consumer perception of financial inclusion globally
has fallen 13.7 points from 74.2% to 60.5%. Perception scores
dropped in 39 out of 41 markets.
“The past year has been marked by a combination of significant
macroeconomic and geopolitical challenges,” said Christopher
Breen, head of economic insight, Centre for Economics and Business
Research. “Against this backdrop, it is very positive news that
financial inclusion has improved in so many markets across the
Index. This reflects governments, the financial system, and
employers stepping in at the point of need. While there is still
clearly room for progress, the increases in financial inclusion are
a testament to the investment and positive progress these groups
have made in recent years."
Declines in employer and financial system support sees U.S.
fall outside the top five ranking for the first time
The U.S.’s financial inclusion score remains unchanged year over
year, suggesting a show of resilience in the face of economic
headwinds. However, the market now ranks outside the top five,
falling from fourth to seventh. The fall was driven by declines in
financial system support (rank down five places from first place to
sixth) and employer support (rank down eight places from 12th to
20th). Meanwhile, the U.S.’s ranking for government support rose
three places to 16th.
Within the employer support pillar, large employers lead the way
in offering financially inclusive measures, such as insurance and
retirement benefits, but the gap between smaller and larger firms
is narrowing. In 2023, the difference in employer support scores
between the largest (over 500 employees) and smallest (under 100
employees) businesses stood at 62.0 points. This year that figure
has shrunk to 43.1 points**.
“For the third year in a row, employers are the institution
Americans agree does the most to make them feel financially
included,” said Amy Friedrich, president of Benefits and
Protection at Principal. “This highlights the unique position
of employers to positively impact employees’ day-to-day lives. For
example, as we see ongoing declines in how financially included
people across the U.S. feel, employers are well positioned to help
improve financial confidence. Employer actions such as investing in
benefits and providing guidance on financial topics can have
significant impact on workforce wellbeing, which in turn drives
greater retention and efficiency.”
Explore the full results of the Global Financial Inclusion Index
here.
Learn more about the methodology here.
Notes to editors * Global” encompasses the 41 markets
contained within the Index ** Calculated using the weighted
averages according to the US Census Business Demography
Statistics
About the Global Financial Inclusion Index
The Global Financial Inclusion Index ranks 41 markets on three
pillars of financial inclusion—government, financial system, and
employer support—using data points across public and survey-based
sources. These pillars represent the key stakeholders responsible
for promoting financial inclusion across the population. The Index
explores the challenges and opportunities surrounding increasing
access to useful and affordable financial products and services
that meet their needs—transactions, payments, savings, credit, and
insurance, etc.
The Index was conducted in partnership with the Centre for
Economics and Business Research (Cebr). The methodology combines
various data sources into one unified measure of financial
inclusion at the market level.
About Principal Financial Group®
Principal Financial Group® (Nasdaq: PFG) is a global financial
company with nearly 20,000 employees¹ passionate about improving
the wealth and well-being of people and businesses. In business for
145 years, we're helping more than 64 million customers1 plan,
protect, invest, and retire, while working to support the
communities where we do business, and build a diverse, inclusive
workforce. Principal® is proud to be recognized as one of the 2024
World's Most Ethical Companies® by Ethisphere², a member of the
Bloomberg Gender Equality Index, and a "Best Places to Work in
Money Management³." Learn more about Principal and our commitment
to building a better future at principal.com.
¹ As of June 30, 2024 ² Ethisphere, 2024 ³ Pensions &
Investments, 2023
About Centre for Economics and Business
Research (Cebr)
The Centre for Economics and Business Research (Cebr) is an
independent economics consultancy with a reputation for sound
business advice based on thorough and insightful research. Since
1992, Cebr has been at the forefront of business and public
interest research, providing analysis, forecasts and strategic
advice to major UK and multinational companies, financial
institutions, government departments and agencies and trade bodies.
For further information about Cebr please visit www.cebr.com.
The Global Financial Inclusion Index is a proprietary model
output based upon certain assumptions that may change, are not
guaranteed, and should not be relied upon as a significant basis
for an investment decision.
Insurance products issued by Principal National Life Insurance
Co (except in NY) and Principal Life Insurance Company®. Plan
administrative services offered by Principal Life. Principal Funds,
Inc. is distributed by Principal Funds Distributor, Inc. Securities
offered through Principal Securities, Inc., member SIPC and/or
independent broker/-dealers. Principal Asset ManagementSM is a
trade name of Principal Global Investors, LLC. Principal Global
Investors leads global asset management. Referenced companies are
members of the Principal Financial Group®, Des Moines, Iowa
50392.
© 2024 Principal Financial Services, Inc. Principal®, Principal
Financial Group®, and Principal and the logomark design are
registered trademarks of Principal Financial Services, Inc., a
Principal Financial Group company, in the United States and are
trademarks and services marks of Principal Financial Services,
Inc., in various countries around the world.
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Media: Ashley Miller, 515-878-6295
miller.ashley@principal.com
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