Overview of Financial Exclusion Sample Clauses

Overview of Financial Exclusion. While there is no single source of data on financial exclusion generally, or indeed on figures for individuals without bank accounts, a large number of relevant studies and surveys have been undertaken. 5 DG Employment Social Affairs and Equal Opportunities. “Financial Services Provision and Prevention of Financial Exclusion“ (European Commission: Brussels, 2008), p. 6 DG Employment Social Affairs and Equal Opportunities. “Financial Services Provision and Prevention of Financial Exclusion“ (European Commission: Brussels, 2008), p.4. 7 DG Internal Market and Services. “Specific Contract No3/2009 (European Commission: Brussels, 2009), p. 6. 8 Previous research identified a strong link between financial exclusion and level of education. Xxxxxxx, X. “Financial Services Provision and Prevention of Financial Exclusion. Eurobarometer Report” (Bristol: Personal Finance Research Centre, University of Bristol, 2007), p. 18. Financial Exclusion A 2008 Commission study which relies on an earlier study by Xxxxxxx (2007)9 depicts the percentage of the population considered to be financially excluded. This refers to people who have no access to transaction banking, revolving credit or savings of any kind.10 The figures are displayed in Chart 2.1.11 A comparison between more recent EU Member States and the Member States of longer standing shows a distinct difference. On average 20% more individuals are financially excluded in the EU10 than in the EU15 (EU10 average is 26.7% and EU15 average is 6.7%). Financially Excluded 50 40 20 10 0 EU Member States Chart 2.1: Percentage of Population Excluded from Financial Services, 2007 % of Population excluded from financial services LT PL HU EL SK MT CY CZ PT EE IT EU25 IE ES FI SI UK AT DE FR SE BE XX XX NL Source: DG Employment Social Affairs and Equal Opportunities. Financial Services Provision and Prevention of Financial Exclusion, p. 20. Existing research has furthermore identified a correlation between economic development and financial exclusion. That is to say that on the whole, economically less prosperous societies, where financial/electronic payment circuits tend to be less developed/used, tend to suffer from higher levels of financial exclusion.12 The figures are illustrated in Chart 2.2.13 In Chart 2.2, the y-axis represents GDP per capita in thousands. The x-axis illustrates the percentage of the population without access to transaction banking, revolving credit or 9 Xxxxxxx, X. “Financial Services Provision and Preve...
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