Enabling Greater Financial Capability

Aug 11, 2016 5:00 PM ET

By: Shamarukh Mohiuddin

An astounding two billion people around the world still lack access to modern financial services. While the finance gap is most acute in the developing world, communities and businesses across the United States also lack adequate access to finance. In the meantime, there are still big gaps in financial literacy and capability even among those who have access to finance. 

The U.S. Chamber Foundation Corporate Citizenship Center is a leading resource for business in support of their social and philanthropic endeavors. We believe that full financial inclusion, which encompasses both access and capability, is a critical component of economic development and progress.  It helps individuals and small businesses build income and assets as well as smooth consumption and withstand risks.

A number of financial service providers are already working on access to finance for low and moderate-income individuals and families, and for small and medium-sized businesses around the world. Companies, both large and small, are also innovating at the nexus of technology and finance to create a greater reach. 

As the focus on financial inclusion increases, companies are also exploring new ways to enable better financial capability. The issue of financial capability is not only relevant for financial service providers but also for other businesses working to better enable their employees, suppliers, and contractors. 

Recent studies show how financial capability programs can have more impact if behaviorally-oriented principles can be integrated to better reflect how people learn. At our webinar on August 18, we will explore what works in enabling financial capability, which is as important as reaching the financially underserved. Companies, nonprofits, and researchers will speak about new findings, innovations, and insights from the United States and emerging markets and discuss the role that each stakeholder can play. To join us for this important and stimulating discussion, register here.