Financial Inclusion in Russia by National Agency for Financial Studies - HTML preview

CHAPTER 3.

BARRIERS TO FINANCIAL INCLUSION

This chapter looks at issues related to the third aspect of the G20 Financial Inclusion Indicators: quality. The quality dimension covers such demand-side aspects as financial literacy and capability, financial behavior, as well as barriers related to the cost of usage. In this research, qualitative aspects of financial literacy, barriers to financial inclusion from the customer perspective, as well as the impact of behavioral characteristics on the financial service usage are explored.

The chapter is organized as follows:

• Section 3.1 presents a summary of the trust levels to key financial service providers in Russia.
• Section 3.2 explores specific reasons cited by people as preventing them from using specific financial services and delivery channels.
• Section 3.3 discusses key reasons for using financial services, in the opinion of respondents.
• Section 3.4 presents an analysis of issues related to financial literacy which affect people’s choice with respect to financial services, based on qualitative research results.
• Section 3.5 presents a comparison of customer versus financial service provider perspectives on key barriers for financial inclusion, based on qualitative research results.
• Section 3.6 presents findings on correlations between customer behavioral characteristics and the usage of financial services.