Mythbusting on the Unbanked and Underserved in EuropeTheodore Iacobuzio |
Mark Twain famously said it isn’t what people don’t know that hurts them; it’s what they do know that isn’t so. Like financial inclusion. In the developed world it’s all about migrants and the undocumented right? Not so fast.
Please, if you haven’t already, take a look at some absolutely splendid work the MasterCard Europe Product team has produced on the unbanked and underserved there, especially the white paper.
There you’ll find that across all countries surveyed, 81 percent of the financially excluded have lived in that country all their lives; while 83 of the financially underserved have lived all their lives in their current place of residence.
Anyone with an interest in inclusion should take a long and hard look at this research. While the special situation in Europe (very high youth unemployment, for example), may suggest these results are unique, something tells me they’re not. And either way, the point is you don’t know until you ask.