Financial Inclusion Paradigm Shift in the Postpandemic Period. Digital-Divide and Gender Gap

Valentina Vasile, Mirela Panait and Simona-Andreea Apostu
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Valentina Vasile: Institute of National Economy, 050771 Bucharest, Romania
Mirela Panait: Institute of National Economy, 050771 Bucharest, Romania
Simona-Andreea Apostu: Institute of National Economy, 050771 Bucharest, Romania

IJERPH, 2021, vol. 18, issue 20, 1-28

Abstract: Financial inclusion is strongly differentiated by age groups and countries and the pandemic has highlighted the increased gaps and inequalities but also the weaknesses of the system, in terms of flexibility, access and facilities of the customer-bank relationship and also from the perspective of the financial education of young generations and vulnerable people, active in the labor market. Based on the available data provided by the Global Findex database, and some findings after more than one year of COVID-19 crisis we outlined the main aspects of financial digitization, by categories of people and countries. At the same time, we identified the challenges and problems during the pandemic that significantly adjusted the consumption pattern of citizens and increased the need for on-line access for financial transactions. Starting from the analysis of the inequality of access to financial instruments in the last years, from the informational asymmetry in financial education and the challenges of the pandemic period, we underlined the main coordinates of changing the model of sustainable financial inclusion—based on five pillars—access, education, support tools, CSR and resilience. The research results highlight the need for convergence in providing opportunities to consider financial inclusion as a public good and an active tool to increase consumers’ satisfaction and the quality of life of individuals.

Keywords: financial inclusion; digitalization; financial education; corporate social responsibility; principal component analysis; cluster analysis (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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