Singapore is the world’s most financially inclusive market, alongside the U.S., Nordic Europe, and Hong Kong, according to the inaugural Global Financial Inclusion Index (Index) sponsored by Principal Financial Group®. The research, conducted by the Centre for Economics and Business Research and released today, examines how well a market’s respective government, financial system, and employers provide relevant tools, services, and guidance to enable greater levels of financial inclusion.
“Financial inclusion is foundational to global economic progress. As an organization focused on helping more people gain access to 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,” said Dan Houston, chairman, president, and CEO for Principal®. “The Global Financial Inclusion Index provides a rigorous, data-driven framework to track financial inclusion on a global scale. Through this we can identify the structural gaps in financial inclusivity and take steps to address them, along with many others, to help build a more productive and protected workforce and society.”
The Index examines 42 markets and scores them across three pillars — government support, financial system support, and employer support — using datapoints across public and survey-based sources.