Financial inclusion and basic financial services Research outcomes

Financial inclusion and basic financial services - Research outcomes Panel 1: Basic Financial Services: A necessary step towards inclusive EU financial services

Survey on financial inclusion: unveil invisible vulnerable people • Problem: Lack of data on financial exclusion, vulnerable people excluded from the financial system are larger than we think • Purpose: Collect data from civil society actors expert on the subject • Profile of our respondents: Consumer protection Credit union Public sector NGO working with vulnerable citizens Debt advisor Academic Data from 20 countries

Targets of vulnerabilities and barriers Gender Self-exclusion Illiteracy Record of payment default Most vulnerable people Lack of skills Digitalization Physical or mental disabilities

Exposure to exclusion by target

Poorly designed in terms of: Pricing 58% of our respondent observed illegitimate high price / high cost of financial products and services Complexity 94% of our respondent consider average products are not easy to use Dangerousness and riskiness 89% of our respondent agree that vulnerable users are particularly in danger of taking on risky financial products

Basic financial services that should be made available for social inclusion Payment and transaction Credit • Bank account • Responsible lending • Guaranteed access to cash Savings • Saving accounts § Most appropriate option to response life events Insurance • Basic civil insurance for: § Health § Car § House