UK enters top ten rankings of most inclusive financial markets

investmentweek.co.uk:

'The data show financial inclusion, at a global level, is improving; this is noteworthy — and encouraging — considering the various economic challenges many countries encountered in the past year.'

It has climbed seven places year-on-year, driven by a greater push from the financial system and the UK Government in promoting financial inclusion.

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The index is created every year by Principal Financial Group and the Centre for Economics and Business Research (Cebr), and bases its market rankings on the support provided by employers, the government and the financial system.

Overall, the index found financial inclusivity has improved globally over the last 12 months, with the largest advancements in Latin America, Southeast Asia and Southern Europe. Western and Northern Europe were broadly flat, it said.

The index discovered that Europe's biggest economies are failing to make progress in financial inclusion, with Germany coming in 22^nd, down seven places, and France falling two places to 25^th. Spain (29^th) and Italy (37^th) retained the same spots as last year.

However, the UK has been the only European country to climb up the ranking, thanks to improvements to the financial system, the presence and quality of fintechs, the enabling of small and medium enterprise growth and success, and for enabling general business confidence.

Seema Shah, chief global strategist at Principal Asset Management, said: «The data does reflect the UK's strong financial infrastructure. However, while the rise in ranking suggests the UK made the largest strides forward in financial inclusion in Europe, this is not the full story. The actions of the UK's financial system to protect the