Daily Management Review

Singapore retains first place in the ranking of financial inclusiveness of economies


Singapore continues to lead the list of nations with the highest levels of financial inclusion, or the population's access to high-quality financial goods, writes CNBC.

The city-state of Singapore has a population of only 6 million, which helps to explain its leadership. Other factors contributing to Singapore's success include government initiatives to increase financial literacy, the use of new financial technologies, and employee support from local businesses.

The United States dropped from second position to fourth in the Global Financial Inclusion Index. Particularly, the percentage of respondents in the U.S. who said that their government aids in improving financial inclusion dropped from 72% to 50% from the previous year. Another significant drawback is the polarization of society along political lines.

Switzerland and Sweden make up the top two spots in the standings, moving Hong Kong up to second. The ranking includes representation from 42 different nations.

source: cnbc.com