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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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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 / School / Research Centre / Research Group: Faculty of Business
Faculty of Business > Department of Marketing, Events & Tourism
Last Modified: 13 May 2020 08:54

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