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As inequality rises in the US and declines globally, the lived experiences and financial security challenges facing low-income people in the US are growing increasingly similar to those faced by similar households in the developing world.
Tim Ogden, Managing Director of NYU-Wagner’s Financial Access Initiative and Aspen FSP Senior Fellow, contextualizes financial inclusion – once thought of as a solution only for the developing world – as one highly relevant in the US context. In July, Ogden shared an abbreviated version of his remarks at the Consultative Group to Assist the Poor’s (CGAP) private meeting on updating financial inclusion’s collective narrative to include evolving thinking and impact. You can learn more about CGAP’s work here.
This piece dives deeper into Ogden’s observations about the shared challenges and areas of growth within the landscape of global inclusion. It also proposes the need for a global financial inclusion strategy. Read Ogden’s piece, The Great Convergence to learn how financial inclusion efforts around the world are growing more relevant to the structural policies developed in the US, and vice versa.
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Inclusive financial systems can not only have significant impact on the lives of American individuals and families, but can also help to build a more inclusive economy with greater shared prosperity. Visit our new hub on Building Inclusive Financial Systems, designed to drive conversations on how financial systems can be leveraged to help households achieve financial stability and security.
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