Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey

Financial capability, as defined by the World Bank and in this report, is the capacity to act in one’s best financial interest, given socioeconomic and environmental conditions. It encompasses knowledge (literacy), attitudes, skills and behavior of...

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Main Authors:	Zottel, Siegfried, Zia, Bilal, Khoury, Fares
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	ECONOMIC DEVELOPMENT
Online Access:	http://documents.worldbank.org/curated/en/2016/06/26526236/enhancing-financial-capability-inclusion-senegal-demand-side-survey http://hdl.handle.net/10986/24675

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recordtype	oai_dc
spelling	okr-10986-246752021-05-25T08:49:49Z Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey Zottel, Siegfried Zia, Bilal Khoury, Fares ECONOMIC DEVELOPMENT Financial capability, as defined by the World Bank and in this report, is the capacity to act in one’s best financial interest, given socioeconomic and environmental conditions. It encompasses knowledge (literacy), attitudes, skills and behavior of consumers with respect to understanding, selecting, and using financial services, and the ability to access financial services that fit their needs (World Bank 2013d). Financial capability has become a policy priority for policy makers seeking to promote beneficial financial inclusion and to ensure financial stability and functioning financial markets. Today people are required to take increasing responsibility for managing a variety of risks over the life cycle. People who make sound financial decisions and who effectively interact with financial service providers are more likely to achieve their financial goals, hedge against financial and economic risks, improve their household’s welfare, and support economic growth. Boosting financial capability has therefore emerged as a policy objective that complements governments’ financial inclusion and consumer protection agendas. To this end, policy makers are increasingly using surveys as diagnostic tools to identify financial capability areas that need improvement and vulnerable segments of the population which could be targeted with specific interventions. The key findings and recommendations presented in this report cover three main areas: financial inclusion, financial capability, and financial consumer protection. The remaining chapters are structured as follows. Chapter one explores the financial inclusion landscape in Senegal. Chapter two gives an overview of Senegalese levels of financial capability, in particular about their financial knowledge, attitudes, and behaviors. Chapter three explores the relationship between financial inclusion and financial capability. The last chapter investigates if the products which financially included individuals use are effectively meeting their needs. 2016-07-12T22:30:33Z 2016-07-12T22:30:33Z 2016-06 Working Paper http://documents.worldbank.org/curated/en/2016/06/26526236/enhancing-financial-capability-inclusion-senegal-demand-side-survey http://hdl.handle.net/10986/24675 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper Africa Senegal
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ECONOMIC DEVELOPMENT
spellingShingle	ECONOMIC DEVELOPMENT Zottel, Siegfried Zia, Bilal Khoury, Fares Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey
geographic_facet	Africa Senegal
description	Financial capability, as defined by the World Bank and in this report, is the capacity to act in one’s best financial interest, given socioeconomic and environmental conditions. It encompasses knowledge (literacy), attitudes, skills and behavior of consumers with respect to understanding, selecting, and using financial services, and the ability to access financial services that fit their needs (World Bank 2013d). Financial capability has become a policy priority for policy makers seeking to promote beneficial financial inclusion and to ensure financial stability and functioning financial markets. Today people are required to take increasing responsibility for managing a variety of risks over the life cycle. People who make sound financial decisions and who effectively interact with financial service providers are more likely to achieve their financial goals, hedge against financial and economic risks, improve their household’s welfare, and support economic growth. Boosting financial capability has therefore emerged as a policy objective that complements governments’ financial inclusion and consumer protection agendas. To this end, policy makers are increasingly using surveys as diagnostic tools to identify financial capability areas that need improvement and vulnerable segments of the population which could be targeted with specific interventions. The key findings and recommendations presented in this report cover three main areas: financial inclusion, financial capability, and financial consumer protection. The remaining chapters are structured as follows. Chapter one explores the financial inclusion landscape in Senegal. Chapter two gives an overview of Senegalese levels of financial capability, in particular about their financial knowledge, attitudes, and behaviors. Chapter three explores the relationship between financial inclusion and financial capability. The last chapter investigates if the products which financially included individuals use are effectively meeting their needs.
format	Working Paper
author	Zottel, Siegfried Zia, Bilal Khoury, Fares
author_facet	Zottel, Siegfried Zia, Bilal Khoury, Fares
author_sort	Zottel, Siegfried
title	Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey
title_short	Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey
title_full	Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey
title_fullStr	Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey
title_full_unstemmed	Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey
title_sort	enhancing financial capability and inclusion in senegal : a demand-side survey
publisher	World Bank, Washington, DC
publishDate	2016
url	http://documents.worldbank.org/curated/en/2016/06/26526236/enhancing-financial-capability-inclusion-senegal-demand-side-survey http://hdl.handle.net/10986/24675
_version_	1764457352579252224

Enhancing Financial Capability and Inclusion in Senegal : A Demand-Side Survey

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