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Consumers’ Financial Vulnerability when accessing Financial Services

Consumers’ Financial Vulnerability when accessing Financial Services

Mogaji, Emmanuel ORCID: 0000-0003-0544-4842 (2020) Consumers’ Financial Vulnerability when accessing Financial Services. [Working Paper]

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Abstract

The concept of vulnerability denotes the conflict between the resources available to an individual and the challenges they face in life. Due to personal characterisers and market structures, some consumers are made financially vulnerable, which makes it difficult to access the formal financial system such as having a bank account or credit facilities. This paper presents a conceptual explanation of consumers’ financial vulnerability when accessing financial services. It explores the two broad categories of consumer vulnerability and the barriers they present to accessing financial services. This conceptual framework recognises the role of governmental financial policy, financial technology from banks, and consumers’ financial education in overcoming these barriers and making financial services inclusive.

Item Type: Working Paper
Uncontrolled Keywords: consumer vulnerability, financial vulnerability, financial inclusion, fintech, financial services
Subjects: H Social Sciences > HB Economic Theory
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of Marketing, Events & Tourism
Last Modified: 13 May 2020 08:54
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
Selected for REF2021: None
URI: http://gala.gre.ac.uk/id/eprint/27968

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