Global Savings, Assets, & Financial Inclusion: Lessons, Challenges, & Directions

This paper presents details of a symposium that aimed to harness the experience of leaders and practitioners engaged in savings, asset building and financial inclusion around the world. By building bridges between them, it also intended to derive future direction for the diverse but overlapping fields through discussions. Innovations in the fields of financial services, asset building and public policy are sparking increased access to savings, assets and financial inclusion for poor people. Identifying recent trends, the report also documents lessons drawn from participants experiences on ways to increase financial inclusion for poor people, such as:

• Demand for savings depends on the right products;
• Saving by the poor can be profitable;
• Innovative products are necessary;
• Asset-building social policies can provide efficiency, inclusion and opportunity;
• Partnerships can increase the effectiveness of financial inclusion and asset building products and policies;
• Financial education and capability are important.

The report discusses key challenges like demand and supply side constraints, balancing social and business objectives and building a supportive political economy. Finally, it recommends next steps towards global asset building and financial inclusion.