> Posted by Center Staff
The FI2020 Global Forum in London gets underway this Sunday with a pre-Forum side meeting on financial inclusion for persons with disabilities (PWDs). This client-centric start feels like a fitting precursor for an event to expand financial inclusion.
Financial inclusion requires that financial services meet the unique needs of all clients, especially the needs of the most underserved and vulnerable client groups. Sessions throughout the Forum reflect this key tenet. In addition, there are side meetings on the Financial Capability Roadmap and the Consumer Protection Roadmap, focused on moving these roadmap principles and recommendations to action. These and the other three financial inclusion roadmaps were developed through a consultative process that collected and incorporated the perspectives of specific client groups.
Among Forum participants are representatives of various client segments – such as PWDs, women, the elderly, youth, rural populations, and migrants – to help raise awareness of their unique needs and assets. Here’s a collection of pertinent statistics for financial inclusion on these client segments:
- 1.8 billion of the world’s population is between the ages of 10 and 24
- 87 percent of youth are concentrated in the developing world
- About half the world’s youth report being economically active
- 38 percent of young adults have an account compared to over 54 percent of older adults
- In 1950, globally, 1 in 20 people were elderly. By 2050, it will be 1 in 5.
- In 2000, only 6 percent of people in less developed countries were over 65 years old. By 2050, that number will grow to 20 percent.
- In all regions, women are less likely to have a bank account than men
Persons With Disabilities:
- Over 15 percent of the world’s adult population, or 785 million people, live with a disability
- Unemployment for persons with disabilities is as high as 90 percent in the developing world
- In developing countries, 80 percent of persons with disabilities live in rural areas
- There are an estimated 214 million international migrants around the globe, and over 700 million more people migrate within their own countries
- Developing countries will receive over $410 billion in remittances in 2013
- Cross-border remittances are a growing market
- The top recipient countries of remittances include India, China, Mexico, the Philippines, and Bangladesh
- For the Philippines and Bangladesh, more than 10 percent of their GDP comes from remittances
- About 20 percent of the world is living in rural areas, compared to about 40 percent in 1950. This trend, however, does not mean a shrinking of all rural populations.
- In low and middle income economies, those who live in rural areas are much less likely to have an account than those living in urban areas
- An estimated 30 to 40 percent of remittances go to rural areas
Have you read?