Principal Financial Group will launch an inaugural study in September which will examine key drivers shaping financial inclusion across the globe, including in Australia.
The philanthropic entity, in partnership with the Centre for Economics and Business Research (CEBR), would utilise the study to uncover key drivers shaping financial inclusion and exclusion across governments, employers, and the financial services industry in over 40 markets.
The report would assess how these systems promote financial inclusion, as well as examine global consumer perspectives on how secure individuals feel within them.
Dan Houston, chief executive of Principal, said: “Financial inclusion is at the foundation of global economic progress.
“When people are excluded from the financial system it hinders their ability to earn, prepare for and recover from crises, as well as build for the future. Our Global Financial Inclusion Index will provide a clear, measurable view of financial inclusion so we can influence change and help more people and businesses have greater access to financial security.”
The index would use employer and consumer surveying alongside verified public data to create a financial inclusion scoring system. Through consideration of these key data points, the index would evaluate the degree to which governments promote financial inclusion, examine the availability and uptake of financial products and services for populations, and assess the level of support employers provide to their employees in each market.
The index would serve as a comprehensive resource used across sectors – from policymakers, academia, and non-governmental organizations (NGOs) to businesses and the financial services industry.