Global Financial Inclusion Index 2022Developing the benchmark for financial inclusion and security across global economiesSingapore (pictured above) ranked No. 1 for financial inclusion out of 42 markets analyzed, reflecting strong government and financial system support.
2022 Global Financial Inclusion Index 32 ACCORDING TO THE WORLD BANK, FINANCIAL INCLUSION IS DEFINED AS: “individuals and businesses having access to useful and affordable financial products and services that meet their needs—transactions, payments, savings, credit, and insurance—delivered in a responsible and sustainable way.” 11 World BankTable of contentsForeword by Dan Houston, chairman, president, and CEO of Principal Financial Group® 4Executive summary 6Defining the pillars of financial inclusion 8Methodology 102022 results and analysisThe Global Financial Inclusion Index 2022 12“Financial inclusion as a powerful indicator of next generation capital and wealth markets across the globe” Principal Insights by Kamal Bhatia, chief operating officer of Principal Asset Management℠ 18Examining employer support by sector 20Employer support within global industries 24“Bridging the financial inclusion gap among U.S. employers: Opportunities and challenges to fostering greater financial inclusion in small businesses” Principal Insights by Amy Friedrich, president of U.S. Insurance Solutions at Principal Financial Group 26Financial inclusion for economies and their populations 28“Analyzing risks to resilience and growth through the lens of financial inclusion” Principal Insights by Seema Shah, chief global strategist of Principal Asset Management 30Populations’ perceptions of financial inclusion Analysis: Key trends in the relationship between the Global Financial Inclusion Index and populations’ perceptions of financial inclusion in their market 36Spotlight on the United States 40Epilogue by Dan Houston 46Appendices 50
2022 Global Financial Inclusion Index 54 ForewordDAN HOUSTON Chairman, president, and CEO of Principal Financial Group®Financial inclusion means individuals and businesses have access to useful and affordable financial products and services to meet their needs—from savings, credit, and insurance to education and advice—and that these tools are delivered in a responsible and sustainable way. In our view, financial inclusion is foundational to financial security and global economic progress. As an organization focused on helping more people access financial security, we believe inclusion is an integral component of a market’s ability to prepare for and recover from adversity, grow sustainably, and build a brighter future. As global economies continue to grapple with the ongoing impact of the pandemic, war in Ukraine, commodity scarcity, and rising inflation, the challenge of fostering financial inclusion around the world has never been more relevant or urgent.As a key step in helping ad...
