MasterCard’s study on Americans underserved by financial institutions

Study of financially underserved

A study on economy, health care and taxes by MasterCard has found that two thirds of the 1,000 American respondents consider the 88 million Americans who lack access to basic financial services as an issue to be addressed (view press release). Around one third claimed that financial inclusion would factor in determining their vote in the presidential elections. The importance of this is higher among males ages 18-54, and unmarried Americans, with 41% and 42% respectively claiming the issue was of concern. The survey found no difference in opinion on financial inclusion as a voting issue by income level.

MasterCard is hosting a Financial Inclusion Dialogue as part of its Cashless Conversations Series on November 13th. Experts across financial services will discuss strategies and share best practices to increase financial inclusion. The cashless conversation will evaluate the progress in developing new business models, products and partnerships to reach the ‘last mile’ toward reaching the 2.5 billion American adults and around the globe who are underserved by financial institutions.

Lack of access to the global economy excludes people from being able to buy goods and services, to borrow and save, or to invest in their future,” said Walt Macnee, vice chairman at MasterCard Worldwide. “It is important to advance the dialogue between public, private and government entities in order to ensure that 2.5 billion people who are unbanked globally have the same services as those in the financial mainstream.”

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