Financial inclusion and wellness
This project explores the rise of fintech ventures that specifically address different aspects of financial wellness around the world.
Financial wellness is defined as the overall health of an individual’s financial life. This includes the individual's financial literacy and ability to attain financial security and therefore prevent stress due to financial struggles.
Until recently, one-size-fits-all financial products with high fees as well as the lack of competition in the financial services industry aggravated financial illiteracy and debt in societies around the world. Inclusiveness within the finance sector is also an issue with many financial practices slow to change.
This is a problem because it affects:
- The health and well-being of citizens - with a strong effect on anxiety, depression, and suicide
- National and international crime tendencies
- State budgets - concerning the financial cost of a citizen’s poor financial choices
Our preliminary research identified how this problem can be addressed and that fintech founders play a significant role in creating a more financially inclusive and healthy system.
Our research also indicated the necessity for fintechs to have a nurturing ecosystem, favourable regulatory frameworks, and collaboration with incumbents.
As a result, our research has developed to consider:
- The importance of different dimensions of financial wellness around the world
- How entrepreneurship can be boosted to support financial wellness
The research considers strategies in the UK fintech and financial services industry and wider financial wellness fintech ecosystem problems and solutions in the EU, US, China, Middle East and Africa.