New research from Principal® sheds light on consumer sentiment.
As a supplement of the Global Financial Inclusion Index (Index) which measures financial inclusion across three key pillars of financial inclusion—government, financial services and employers—Financial Group® commissioned a consumer sentiment poll in 42 markets around the world. This year, we previewed the United States consumer data ahead of the full report, which will be released later this fall. The findings revealed an opportunity to share a timely assessment of consumer sentiment surrounding financial inclusion given year-over-year shifts.
Access the full .
Methodology:
To assess individuals’ perceptions of financial inclusion in the U.S., Financial Group® worked with Censuswide to survey 1,027 household financial decision makers in the U.S. from May 4-9, 2023. Censuswide abides by and employs members of the Market Research Society, which is based on the ESOMAR principles. Findings from similar surveys fielded in the remaining 41 countries represented in the Global Financial Inclusion Index report, will be released later this fall.
Survey highlights
Financial inclusion sentiment is declining.
In the U.S., consumer sentiment fell across all three pillars of financial inclusion, including government support, financial system support, and employer support. These pillars represent the key stakeholders and institutions responsible for promoting financial inclusion across the population.
|
U.S. consumer sentiment |
2022 |
2023 |
Net Change |
|
% net included |
% net included |
% net included |
|
|
Feel the government acts in a way that is helpful for you to feel financially included |
72% |
50% |
-21% |
|
Feel financial systems act in a way which is helpful for you to feel financially included |
77% |
67% |
-11% |
|
Feel employers act in a way which is helpful for you to feel financially included |
84% |
72% |
-12% |
Women continue to feel left behind.
Meanwhile, women are 12% less likely than men to report feeling financially included in the U.S., with sentiment holding true across all three pillars.
|
Pillars of financial inclusion |
Overall |
Women |
Men |
|
Feel financially included in the U.S. (net agree) |
73% |
68% |
80% |
|
To what extent do you feel the following groups act in a way which is helpful for you to feel financially included? |
|||
|
Government |
50% |
42% |
62% |
|
Financial system |
67% |
61% |
75% |
|
Employers |
72% |
68% |
79% |
Women feel less financially included across all 25 different measures of financial inclusion surveyed. The percentage point gap between men and women who feel financially included is double digits on 23 of the 25 measures. The five largest gaps include the following:
|
To what extent do you agree with the following statements? (Net agree) |
Women |
Men |
Gap |
|
The state pension system is sufficient to pay for my retirement. |
24% |
49% |
25% |
|
There is good regulation to protect people from unfair business practices. |
36% |
59% |
23% |
|
I have good access to high-quality investment products. |
39% |
64% |
25% |
|
My employer/employers provide generous insurance cover. |
34% |
59% |
25% |
|
My employer/employers provide access to high-quality resources to help with financial education. |
31% |
55% |
24% |
Demographic gaps exist in access to wealth building tools.
When it comes to wealth building tools, gaps in access persist across gender and race. Many Americans feel the available tools and advice don’t align to their unique financial situations.
- Women are less likely to feel that they can easily access high-quality professional financial advice or investment products.
- Differences diminished when gauging access across race and ethnicity, with slight variations between white, Black or African American, and Hispanic/Latino respondents.
- However, only half of Hispanic/Latino Americans report being able to easily access a bank account that meets their needs.
Access the full .
What's next?
The second annual Global Financial Inclusion Index will be released in the fourth quarter of 2023. To learn more about the Global Financial Inclusion Index,
visit principal.com/financial-inclusion.
