Aspen is a place for leaders to lift their sights above the possessions which possess them. To confront their own nature as human beings, to regain control over their own humanity by becoming more self-aware, more self-correcting, and hence more self-fulfilling.
Since 2011, more than 1.2 billion adults globally have obtained a bank or transaction account — up to 69% from 51% in the past decade. Yet, gains in “access” miss the more important goal: whether financial access translates into better financial health for the people who need it. The stress brought by the pandemic on our financial systems, combined with a heightened awareness of our interconnectedness, has convinced many leaders that now is the time to re-design financial systems to create equitable, long-term financial security for people and small businesses.
The Aspen Institute Financial Security Program’s new paper, “Building an Inclusive Financial System” highlights four key principles required to achieve these aims:
Prioritizing historically excluded and underserved populations;
Measuring success by outcomes;
Establishing and enforcing strong regulatory regimes; and
Promoting growth and integrity.
Creating inclusive financial systems would actually help translate macroeconomic gains into measurable financial security for individuals, improve stability, create opportunities for mobility, and level the playing field for historically underserved populations.
This paper was also developed as part of the Global Inclusive Growth Partnership, a collaboration between the Aspen Institute and the Mastercard Center for Inclusive Growth.
Native CDFIs play a critical role in the financial security of local communities and Native reservations. To learn more, we interviewed the leaders of a financial services training fellowship for Native professionals.
Most households experience at least one financial shock in a given year, but there are few comprehensive solutions to help them. How can we solve this persistent challenge?
The Strategy outlines opportunities to improve benefits delivery, particularly through government provided or purchased financial products and services.
This case study takes lessons from the legal field’s efforts to empower Native youth to learn how we can build a financial sector that better serves diverse communities.
