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| Article title | Year | Summary | Source / Author | Country / Region | Link |
|---|---|---|---|---|---|
| Igniting SDG Progress Through Digital Financial Inclusion | 2023 | Digital financial services can play a key role in achieving the Sustainable Development Goals by 2030 through responsible digital financial inclusion, which promotes inclusive economic growth. The pandemic and other challenges continue to affect emerging economies, particularly women who have less access to technology and resources. However, digital financial services can provide financing for emergencies and help these women gain control of their finances. The digitization of public sector wages and social protection programs has increased the number of women with bank accounts, and the compendium provides evidence of how responsible digital financial inclusion benefits various SDGs, such as improving food security, empowering women, and increasing tax revenue. The compendium is a collaboration between several organizations, including the United Nations and the World Bank. | UNSGSA, Better Than Cash Alliance, UNCDF, CGAP, World Bank Group | Global | https://drive.google.com/file/d/1RUuHLRiSCM_JjRyelt5GDTMdS0RLeiRg/view?usp=sharing |
| Financial Health Pulse | |||||
| 2022 Chicago Report | 2023 | In short, Chicago has a history of attracting diverse immigrant populations, but this diversity has not translated to equal opportunities, leading to a highly segregated city with stark financial disparities between racial and ethnic groups. The report highlights these disparities and calls for efforts to address them. | Financial Health Network | United States | https://drive.google.com/file/d/1RjTUGGNJyqDdAOrBQstxZ4YiFLnZMIwu/view?usp=sharing |
| Supporting Returning | |||||
| Citizens’ Financial Health | 2023 | The Financial Health Network has documented the negative financial impacts of involvement with the justice system on individuals' financial health. Recently, the Financial Solutions Lab made grants to explore ways to address these issues for justice-involved individuals. The brief synthesizes learnings from the grantees and data from a survey to inform insights and recommendations for practitioners, financial services providers, and policymakers working with returning citizens. Key findings include that people in justice-involved households are less financially healthy and more financially vulnerable. Recommendations include leveraging credible messengers, reducing bureaucratic hurdles, and building relationships with financial services providers to help returning citizens access ID and financial services. | Financial Health Network | United States | https://drive.google.com/file/d/1WXKAz-3v5SfPMlZ0jkGX6cAPGrIp2qkF/view?usp=sharing |
| Scaling Up Access to Finance in Kigoma, Tanzania | 2022 | In Tanzania, the UNCDF's Kigoma Joint Programme (KJP) highlights the evolution from financial inclusion to inclusive digital economies. The program, which focuses on forming savings groups and introducing activities to build members' financial and digital capability, will help ensure refugees and host community members can safely save, borrow, and invest to grow their businesses and improve their financial health and well-being. | UNCDF | Tanzania | https://drive.google.com/file/d/1_gdcKgnli37Qba2rpMU-2Rwxd7xgMsHs/view?usp=sharing |
| The Case for a Global Financial Health Platform | 2022 | The Financial Health Network study found that there is strong interest among financial institutions to support consumer financial health, but many institutions do not currently view it as core to their business. The study suggests that through peer learning and use of tools, these institutions could be prompted to do more. Key areas of support identified include the development of tools, education about integrating financial health into product development, and opportunities to share best practices with similar organizations. | Financial Health Network | Global | https://drive.google.com/file/d/1Dx7RqO-dP3fcstu4jiPCEI-kHVXmBhZB/view?usp=sharing |
| Delivering Financial Health Globally | 2022 | The article discusses the progress made in financial inclusion for vulnerable people in the last two decades, but highlights that the COVID-19 pandemic has exposed weaknesses in economic and social systems leading to financial vulnerability. It proposes the concept of financial health as a way to understand, measure and improve the financial well-being of individuals and households. The white paper aims to create a baseline for financial health and build an evidence base for institutions and individuals globally, and bring together public, government and private sector actors to enhance financial health globally. | UNCDF | Global | https://drive.google.com/file/d/1Z62z0SEcyMOG-tW4-OeFtpRj26yR7E2N/view?usp=sharing |
| Financial Inclusion and Financial Health Target Setting | 2022 | Financial inclusion and financial health are crucial for international development as they benefit individuals, entrepreneurs, and the economy. They also positively impact governments and the wider economy. Banks can drive positive outcomes by setting ambitious targets and developing products and services to serve vulnerable individuals. The Principles for Responsible Banking Working Group has created a framework to guide good practices and measure progress in financial inclusion and health. | UNEPFI | Global | https://drive.google.com/file/d/1xeKSQmK2jL8UJeXnn6NJl9kag4QndSwa/view?usp=sharing |
| The Gig Economy and Financial Health: A Snapshot of Malaysia and China | 2022 | The report examines the gig economy in Malaysia and China, focusing on the financial health of gig workers. The gig economy, characterized by short-term work contracts, has grown in popularity due to technology and demand for on-demand services. While it offers benefits such as increased flexibility, it also brings trade-offs such as unpredictable incomes and difficulty accessing financial services. The report, funded by the MetLife Foundation, examines the gig economy in relation to financial health including financial security, control, and freedom. | I3 Program, MeLife Foundation, UNCDF | Malaysia and China | https://drive.google.com/file/d/1Rp8rdyS-nVIBxqyo3zbR4pT5YNp5Ud_p/view?usp=sharing |
| Financial Health: An Introduction for Financial Sector Policymakers | 2021 | Financial inclusion is important for ensuring people have access to finance, but it also needs to be inclusive of usage, diversification and quality products and services. The UNSGSA Financial Health Working Group was convened in December 2020 by Queen Máxima of the Netherlands in her capacity as the UN Secretary-General’s Special Advocate for Inclusive Finance for Development. The group is composed of financial health experts from the public, private and non-profit sectors, and it came together to advance the focus on financial health globally. The group aims to deepen the discussion among the public, private and development sectors, as well as widen the pool of stakeholders in the dialogue. | UNSGSA | Global | https://drive.google.com/file/d/1A4DKyy7eMuVQJJ3BRNr7jtdCwFGFWSKb/view?usp=sharing |
| Measuring Financial Health: Concepts and Considerations | 2021 | Financial sector policymakers around the world are taking an interest in understanding the financial health of citizens. The concept of financial health captures the state of a person or family's financial life and it was heightened by the COVID-19 pandemic. The UNSGSA Financial Health Working Group recommends policymakers to develop a financial health survey module, which is a handful of simple questions that can provide a single score for an individual's overall financial health. This has many advantages, such as the ability to track changes over time. | UNSGSA | Global | https://drive.google.com/file/d/1OKPtmwugOUJ_PIGKOkdewsQEJOuOwopL/view?usp=share_link |
| Global Findex Database | 2021 | Financial services such as payments, savings accounts, and credit are essential for development as they allow individuals to store, send and receive money safely and affordably. Digital financial services like mobile money have been shown to increase remittances and investments and reduce poverty. Account ownership and usage also empowers women and direct deposit of wages and government support can increase savings and reduce administrative costs. There has been a significant increase in account ownership globally since 2011 and the COVID-19 pandemic has further driven financial inclusion efforts. | World Bank | Global | https://drive.google.com/file/d/1WongK4uKjLMlgf0B4T5cxXHVf-4M0UbE/view?usp=sharing |
| 2021 FinAccess Household Survey | 2021 | The 2021 Survey provides data on the changing financial landscape and measures financial inclusion through four dimensions; Access, Usage, Quality, and Impact. It finds that formal financial inclusion has increased and disparities in access to financial services by gender have narrowed. It also notes a decline in the use of informal sources and an increase in mobile banking and mobile money usage. | Central Bank of Kenya, Kenya National Bureau of Statistics, and FSD Kenya | Kenya | https://drive.google.com/file/d/1DsoIiVkwVjTAjx7SdbjqzutpHumRJacH/view?usp=sharing |
| Core Indicators to Measure Financial Health and Inclusion | 2021 | The PRB Working Group on Financial Health and Inclusion is a group of experts working to improve financial health and inclusion for individuals and businesses through the use of common definitions, a pathway to impact, and core indicators. The framework is designed for all banks, regardless of size or location, and is focused on providing access to financial products and services for vulnerable or underbanked individuals and businesses. The goal is to ensure that no one is left behind and to provide affordable and accessible banking services for all. | UNEPFI | Global | https://drive.google.com/file/d/18wfTXfw39tk567A8I7Te-8iJvAqyK1_Y/view?usp=sharing |
| Updated estimates of the impact of COVID-19 on global poverty: Looking back at 2020 and the outlook for 2021 | 2021 | The World Bank estimates that the number of people pushed into extreme poverty due to the COVID-19 pandemic in 2020 could be between 119 and 124 million. This estimate is based on the difference between poverty projected with the pandemic and poverty projected without the pandemic. The pandemic is expected to cause a significant increase in global poverty, reversing decades of progress in reducing poverty. The most affected region is expected to be South Asia. | World Bank | Global | https://blogs.worldbank.org/opendata/updated-estimates-impact-covid-19-global-poverty-looking-back-2020-and-outlook-2021#:~:text=As reported above%2C the pandemic,between 143 and 163 million |
| Building an Inclusive Financial System | 2021 | In the past decade, global progress has been made in financial inclusion, with over 1.2 billion adults obtaining bank or transaction accounts, increasing the share of adults with accounts to 69%. This progress has been achieved through actions by governments, the financial industry, and the social sector. The rise of new digital technologies and market developments have also contributed to the gains in inclusion. However, challenges remain in making financial services inclusive and accessible to all people, especially vulnerable populations. | Aspen Institute | Global | https://drive.google.com/file/d/1ofcrLgx3DzSUnftqlCt7XMkQ9lE2_Ogf/view?usp=sharing |
| Living Standards Measurement Study - Plus (LSMS+) Sample Questionnaire Modules on Asset Ownership and Control | 2021 | The Living Standards Measurement Study Plus (LSMS+) program, established in 2016, aims to improve the quality and availability of survey data on economic opportunities and well-being for men and women in low- and middle-income countries. During its first phase (2016-2021), the LSMS+ worked with national statistical offices in several countries to implement international guidelines for collecting individual-level data on assets, employment, and entrepreneurship. The questionnaire provided includes modules for collecting data on asset ownership and control, specifically for men and women. | World Bank | Global | https://drive.google.com/file/d/1tdcxDMk1bkZXA_lpVbibRZfsXnYkk3Ui/view?usp=sharing |
| Measuring Financial Health in Mexico: Constructing and Validating A New Index Adapted from Globally Recognized Questions | 2021 | The article discusses a new tool for measuring financial health in Mexico. The tool, called a financial health score, is designed to provide financial service providers with actionable information about their customers' financial needs. The score is obtained by answering twelve simple questions, which are then converted to a number from zero to ten. The questions cover four components of financial health: day-to-day, opportunities, resilience, and agency. A digital platform will be developed to make it easy for financial institutions to deploy the question set to their members and customers. | BFA Global | Mexico | https://bfaglobal.com/finnsalud/insights/financial-health-in-mexico-a-new-tool-for-measurement/ |
| Gender Equality Target Setting | 2021 | This document provides guidance on setting targets for gender equality in retail banking and how to align with international and national frameworks to support increased economic inclusion for women. It emphasizes the importance of setting clear and specific targets for gender equality and developing policies and practices that achieve a more gender-balanced workforce. The document also provides guidance on how to set SMART targets and includes a practical example of how to set a target in retail banking. | UNEPFI | Global | https://drive.google.com/file/d/1te1tGEjFink-Jw3aBKgcqVJlGP8AcGcz/view?usp=sharinghttps://drive.google.com/file/d/1te1tGEjFink-Jw3aBKgcqVJlGP8AcGcz/view?usp=sharinghttps://drive.google.com/file/d/1te1tGEjFink-Jw3aBKgcqVJlGP8AcGcz/view?usp=sharing |
| U.S. Financial Health Pulse: 2020 Trends Report | 2020 | The 2020 Trends Report examines the impact of COVID-19 on financial health in America. The report finds that more people were financially healthy in 2020 than in 2019, but a majority of people (67%) were still not financially healthy. The report also highlights disparities in financial health among different groups. The report suggests using more detailed metrics to understand people's financial lives and calls on stakeholders to use the data to create short-term relief and long-term solutions to improve financial health. | Financial Health Network | United States | https://drive.google.com/file/d/1Qe3xKPXGmlMd0xIl01UQ22leT6jJzC0b/view?usp=share_link |
| Determinantes del Bienestar Financiero: Evidencia para América Latina. | 2020 | The article discusses the importance of financial inclusion in achieving individual financial well-being. It notes that access to financial services only became important in the early 2000s and highlights the correlation between exclusion from the formal financial system and poverty as one of the reasons for this interest. The concept of financial inclusion is multidimensional, including access, use, quality and impact on the financial well-being of families and businesses. However, there is little research on the impact of these efforts on individuals, and few tools to measure financial well-being. The article aims to measure financial well-being in some Latin American countries. | CAF Development Bank | Latin America | https://drive.google.com/file/d/1wNHcaw-HgW5k6P49x-HNPn4L0Tp_pLh3/view?usp=share_link |
| International Survey of Adult Financial Literacy | 2020 | A survey of financial literacy was conducted across 26 countries and found that overall scores were low. The majority of countries scored between 12-14 and the highest score was 14.8 by Hong Kong. The survey suggests room for improvement in knowledge, behavior, and attitude and includes policy recommendations to support consumers in difficult economic times. | OECD International Network on Financial Education, OECD/INFE | Global | https://drive.google.com/file/d/1Fs3FvAFaAVfWMp0SsuVX89Ey7EvDB5zp/view?usp=sharing |
| Update on the Economic Well-Being of U.S. Households | 2020 | Overall, the rate of financial well-being in July improved with 77% of adults indicating they were doing okay or living comfortably, despite the substantial layoffs in March and April. This is due to many people not experiencing a layoff and the financial support measures in place. However, there are still significant gaps in well-being across racial and ethnic groups, and those who experienced a disruption in employment typically had lower pre-pandemic well-being. Financial well-being was closely tied to maintaining or regaining employment, with those who were laid off and did not receive unemployment insurance seeing a larger decline. | Board of Governors of the Federal Reserve System | United States | https://www.federalreserve.gov/publications/2020-update-economic-well-being-of-us-households-overall-financial-security.htm |
| The UK Strategy for Financial Wellbeing | 2020 | The UK Strategy for Financial Wellbeing is a national strategy aimed at addressing poor financial wellbeing in the UK. The Money and Pensions Service coordinates the strategy, and it is built on previous efforts such as the Financial Capability Strategy. It focuses on five key outcomes with priority measures and a 2030 National Goal. It also includes a new governance structure and delivery plans for all four nations in the UK. The strategy aims to improve financial wellbeing between 2020 and 2030. | Money and Pension Service | United Kingdom | https://drive.google.com/file/d/160HF_OzSUXgcZ0GQn4fp-Yp46NbioTc5/view?usp=sharing |
| The prevalence and drivers of financial resilience among adults: Evidence from the Global Findex | 2020 | This study examines financial resilience in adults worldwide using data from 2014 and 2017 Global Findex. The results show that financial resilience is primarily linked to inequalities within countries. Higher income and education, saving, and financial inclusion are positively associated with resilience while borrowing and health care expenses negatively impact it. Additionally, country-level factors such as income inequality and unemployment reduce resilience while government spending increases it. | FSD Kenya | Kenya | https://drive.google.com/file/d/1W0gdpnZahU6WcyYyBI7jDYem_PQGmDd6/view?usp=sharing |
| Making Consumer Protection Regulation More Customer-Centric | 2020 | Regulators are shifting focus from provider compliance to customer outcomes in consumer protection. This shift is important for emerging markets where digital financial services may expose unserved customers to new risks. This paper examines policy documents and regulatory frameworks in 10 countries to improve consumer protection. | CGAP | Global | https://www.cgap.org/research/publication/making-consumer-protection-regulation-more-customer-centric |
| Measuring Financial Health around the Globe | 2020 | Proposed survey questions aim to measure "financial health" by assessing an individual's ability to move money across time, space and risky outcomes. Three main constructs are considered: Access-to-Funds (outcome), Access-to-Finance and Financial Behavior. The survey instrument was developed through a multi-step process, including previous research, commonly used questions and input from experts. | Innovations for Poverty Action | Global | https://drive.google.com/file/d/1FEp9wC4W9oaaekPniXK8-GIIf_6xqXEq/view?usp=sharing |
| Measuring financial health: What policymakers need to know | 2020 | Financial health is a concept that measures the success of financial services and the financial sector in meeting a population's financial needs. It encompasses elements such as short-term finances, preparedness for financial shocks, and achieving a level of well-being beyond the bare minimum. There is debate on whether it should include subjective elements such as feelings of confidence, but surveys often include these elements. Financial health is considered a state of being, not a behavior, and is agnostic to financial goals and strategies. | Insight2 Impact | Global | https://drive.google.com/file/d/1oLXQYx8UwDgAhPJw17FWt-F0GH88yXXU/view?usp=share_link |
| Improving the Financial Wellbeing of Australians. | 2019 | There is a lack of consensus on the definition and measurement of financial well-being due to its complex and multi-faceted nature. Previous research has relied on self-reported data and inconsistent definitions and methodologies. This report suggests a new approach that overcomes these problems and captures the complexity of financial well-being. | Commonwealth Bank of Australia (CBA) and Melbourne Institute (MI) | Australia | https://drive.google.com/file/d/1nQ1dEGkURYkFu-JXUM9dkbDh3eqqbPLf/view?usp=share_link |
| Gallup Global Financial Health Study | 2018 | A new study on financial control and security has been developed, which focuses on people's perception of their financial situation and ability to influence it. A new metric has been created to measure this worldwide, and the survey includes other questions to understand the use of financial services and their impact on financial health. | Gallup | Global | https://drive.google.com/file/d/1RLYji8ICWKSn3-cPQ5p7NKcnKhDQ5XU6/view?usp=sharing |
| Using survey and banking data to measure financial wellbeing | 2018 | The study aims to develop and validate financial wellbeing scales for customers of a major Australian bank using self-reported survey data and financial records. Two scales, a Reported Financial Wellbeing Scale and an Observed Financial Wellbeing Scale, are developed using Item Response Theory models. The scales are distinct but positively correlated. The study also validates the scales by examining how they relate to characteristics linked to financial wellbeing. | Melbourne Institute | Australia | https://drive.google.com/file/d/1j94hlaLVinAK8CdyOmVbemv5DFKIo_rz/view?usp=sharing |
| Financial Well-being in America | 2017 | The Consumer Financial Protection Bureau (CFPB) aims to empower consumers by providing a safe and transparent marketplace and improving financial capability through defining, measuring, and studying financial well-being. In 2016, the CFPB conducted a nationwide survey of adults in the United States to measure financial well-being using a scale that ranges from 0 to 100 and collected information on various factors that may contribute to financial well-being. The findings provide insight into which subgroups of the population are faring well and which ones are facing greater financial challenges, and raise important questions about what factors contribute to financial well-being. | CFPB | United States | https://drive.google.com/file/d/1rpqy_onq28R5H_S2CrjrGDcWkD2r5dnt/view?usp=share_link |
| Financial Well-Being A Conceptual Model and Preliminary Analysis | 2017 | The report builds on previous studies of financial capability and well-being conducted by Personal Finance Research Centre, University of Bristol, and the World Bank. Led by Elaine Kempson, the study aims to enhance understanding and prepare for better policy initiatives to improve financial security for households and individuals. The report presents initial results and suggests future research. It also highlights the need for cross-country cooperation to fully understand financial capability and well-being. | Consumption Research Norway - SIFO | Norway | https://drive.google.com/file/d/1sW-ekI7P60sOI9njnla4_HFyli9JD7yu/view?usp=share_link |
| Beyond Financial Inclusion: Financial Health as a Global Framework | 2017 | Financial health is a model used to assess how well an individual's daily financial systems help build resilience and create opportunities. The Center for Financial Services Innovation (CFSI) created the framework and definition of financial health originally for the US, but it has gained traction globally. A collaboration between CFSI, Center for Financial Inclusion at Accion and Dalberg's Design Impact Group found that the framework resonates with consumers, practitioners, providers and funders both in the US and in the developing world, but there are distinctions and constraints that need to be considered in the developing world. The framework can shape policy, direct resources and contribute to the design of financial services. | Financial Health Network | https://drive.google.com/file/d/1WS3JucTF-sUggvvCHrJGYebDBboIKqou/view?usp=sharing | |
| Financial Information Booklet for Migrants and Refugees | 2017 | This Booklet provides guidelines for migrants and refugees on opening bank accounts, foreign exchange, sending and receiving money from/to abroad, loans, cautions not to be a victim of scams and general information regarding the functioning of the Brazilian financial system and the role of the Central Bank of Brazil. More specific information can be found on the Central Bank's website and their YouTube channel, where there are videos on financial education available. In case of doubt, information or complaints against any bank or other inspected institution, the Central Bank offers various channels for assistance, including an internet service, telephone service, and face-to-face service at their headquarters in Brasília. | UNHCR | Brazil | https://drive.google.com/file/d/1S_IT9IUN1jlUC4HidjEuiI45WBbhoVzA/view?usp=sharing |
| Secured Credit Cards Offer a Path to Establishing Credit for New Immigrants | 2017 | Immigrants often lack credit history when they come to the United States, which limits their access to credit and assets such as mortgages, loans and cars. This in turn reduces their financial health as compared to native-born Americans. Many barriers exist for immigrants to fully integrate into the US financial system, including mistrust, identification and documentation requirements, and lack of materials in their native languages. | Financial Health Network | United States | https://drive.google.com/file/d/1uHA13lpfNNhQsdA0lebVPoDDg-1SJ-Q8/view?usp=sharing |
| CFPB Financial Well-Being Scale: Scale Development Technical Report | 2017 | The goal of financial education is to support individual financial well-being, which is consistent with the U.S. National Strategy for Financial Literacy and the OECD's International Network on Financial Education. The Consumer Financial Protection Bureau (CFPB) developed a scale to measure individual financial well-being based on a consumer-driven definition that reflects a consumer's perception of financial well-being, ranging from severe financial stress to satisfaction. | CFPB | United States and Europe | https://drive.google.com/file/d/1O8jBWH6f8laGF_44TGVuoxF0iztZ4T2z/view?usp=sharing |
| Eight ways to measure financial health. Chicago: Center for Financial Services Innovation | 2016 | Measuring financial health is crucial for both consumers and financial service providers to understand the financial struggles and opportunities of their customers. CFSI has developed eight indicators to measure financial health and is testing their implementation with specific companies. The ultimate goal is to improve financial products and services for consumers by understanding the unmet needs of their customers. This requires commitment and collaboration from the entire financial services ecosystem. | Financial Health Network | United States | https://drive.google.com/file/d/1eFSs39Pt1-k2MLV0RTLJFVzGR6UrfhR6/view?usp=sharing |
| How Financial Institutions Can Build Long-Term Relationships with Immigrants Before and After Immigration Reform | 2014 | Immigrants need access to financial services that meet their needs and set them up for long-term financial success. There is a large opportunity to serve the 40 million immigrants in the US, including the 11 million undocumented immigrants. Banks and other financial service providers should develop products such as credit-building loans and "legalization and citizenship loans" as well as basic transactional, savings, and credit services. Strategies such as understanding immigrant needs, ensuring inclusive identification programs, developing products for immediate needs, offering day-to-day financial services, and distributing products through trusted community organizations can help financial institutions serve this growing community. | Financial Health Network | United States | https://drive.google.com/file/d/1Bw7vaBc7GqXgjueP8jZTZBOKmV3YxZDC/view?usp=sharing |