Who are the most vulnerable to financial exclusion?
Sherman Chan
Social Policy Research Centre and the School of Social Science and International Studies, UNSW
Contact Email: sherman
student.unsw.edu.au
Financial exclusion is a branch of social exclusion and it refers to the lack of access to the financial system or the lack of participation in key financial activities. A recently conducted postal survey on a random sample of the Australian population found that the majority of respondents considered having access to financial institutions as essential in everyday life. It is therefore concerning to note that a proportion of the respondents reported that they had no access to financial institutions and/or required assistance in using financial services. Using data from the same survey, this paper studies the characteristics of those with no access to financial services and explores the factors inhibiting financial inclusion. The degree of financial constraint experienced by the financially excluded will be examined, and the correlation between financial exclusion and financial stress will also be discussed.
Paper
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Copyright © 2007 Social Policy Research Centre.
