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Financial Inclusion, Financial Education, and Financial Regulation in the United Kingdom

dc.contributor.authorSue Lewis
dc.contributor.authorDominic Lindley
dc.date.accessioned2019-03-13T14:02:43Z
dc.date.available2019-03-13T14:02:43Z
dc.date.issued2015-09-30
dc.identifier.urihttp://hdl.handle.net/11540/9662
dc.description.abstractThe United Kingdom (UK) has one of the largest financial services sectors in the world, and strong consumer protection regulation. Yet, despite nearly 2 decades of financial inclusion policymaking, persistent problems remain. Many individuals, often the most vulnerable, are unable to get financial products and services that meet their needs at affordable prices. New forms of exclusion are emerging as digital technology advances and risk profiling becomes increasingly sophisticated. The self-employed face particular problems, having high levels of unsecured debt and being less likely to have pension savings than employees. There are long-standing competition and conduct problems in the market for small business finance, and lending to small firms has both decreased and become more expensive since the financial crisis of 2007–2008. Despite many small businesses having similar levels of financial sophistication as retail consumers, the regulatory system does not protect them to the same degree. Financial capability is low among the UK population. Often, the groups with the lowest capability are also those at most risk of financial exclusion. Policy recommendations include: better coordination for financial inclusion policies; support for teaching financial education in schools; more progressive savings incentives; basic banking to meet the needs of the most vulnerable; streamlining government support for small businesses; and specialized advice and financial education for small businesses and the self-employed.
dc.languageEnglish
dc.publisherAsian Development Bank Institute
dc.titleFinancial Inclusion, Financial Education, and Financial Regulation in the United Kingdom
dc.typeWorking Papers
dc.subject.expertEconomic Development
dc.subject.expertEconomic Infrastructure
dc.subject.expertEconomic Policies
dc.subject.expertRegional Economic Development
dc.subject.expertMicrofinance Programs
dc.subject.expertPublic Finance
dc.subject.expertLocal Financing
dc.subject.expertFinancial Stability
dc.subject.expertFinancial Sector Regulation
dc.subject.expertPublic Financial Management
dc.subject.expertFinancial System
dc.subject.expertFinancial Statistics
dc.subject.expertForeign and Domestic Financing
dc.subject.expertFinancial Inclusion
dc.subject.adbEnterprises
dc.subject.adbFinancial aid
dc.subject.adbEconomies in transition
dc.subject.adbLocal Finance
dc.subject.adbLocal Government
dc.subject.adbInsurance Companies
dc.subject.adbBanks
dc.subject.adbSocial Equity
dc.subject.adbPension Funds
dc.subject.adbMutual Funds
dc.subject.adbFinancial Aspects
dc.subject.adbFiscal Policy
dc.subject.naturalSocial responsibility of business
dc.subject.naturalAccounting
dc.subject.naturalPersonal budgets
dc.subject.naturalCost and standard of living
dc.subject.naturalBank accounts
dc.subject.naturalCredit control
dc.subject.naturalRegulatory reform
dc.subject.naturalBanks and banking
dc.subject.naturalDigital Financial Service
dc.subject.naturalPension plans
dc.subject.naturalIndividual retirement accounts
dc.subject.naturalEmployee pension trusts
dc.subject.naturalInvestment management
dc.subject.naturalInvestments
dc.subject.naturalMultiemployer pension plans
dc.subject.naturalKeogh plans
dc.subject.naturalIndividual retirement accounts
dc.subject.naturalPension plans
dc.subject.naturalEmployee pension trusts
dc.subject.naturalPension trusts
dc.subject.naturalInvestment companies
dc.subject.naturalInternational banks and banking
dc.subject.naturalStock exchanges
dc.title.seriesADBI Working Paper Series
dc.title.volumeNo. 544
dc.contributor.imprintAsian Development Bank Institute
oar.themeEconomics
oar.themeFinance
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-009281
oar.authorLewis, Sue
oar.authorLindley, Dominic
oar.importTRUE
oar.googlescholar.linkpresenttrue


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    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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