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An analysis of influences on total financial exclusion

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  • James F. Devlin

Abstract

A significant number of individuals in the UK use no financial services, whatsoever be the mainstream financial service providers. Such a situation is characterised as ‘total financial exclusion’ and is presently a matter of debate among government, policymakers, consumer groups and industry participants, not least because financial exclusion is seen as closely linked to wider social exclusion. Most previous studies of financial exclusion in the UK have focused upon particular product categories, such as bank accounts or insurance, rather than attempting to isolate important influences on total financial exclusion. This study investigates influences on total financial exclusion using a sample of over 15,000 UK households. Results show that the most important influences on total financial exclusion are educational attainment and the type of housing tenure of the household concerned. Other important influences include household income, employment status and age. Results also show that gender is not significant in explaining total financial exclusion, and regional and ethnic variations are less pronounced. Implications are discussed.

Suggested Citation

  • James F. Devlin, 2009. "An analysis of influences on total financial exclusion," The Service Industries Journal, Taylor & Francis Journals, vol. 29(8), pages 1021-1036, August.
    • Handle: RePEc:taf:servic:v:29:y:2009:i:8:p:1021-1036
    DOI: 10.1080/02642060902764160
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    References listed on IDEAS

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    1. Alan Budd & Nigel Campbell, 1998. "The Roles of the Public and Private Sectors in the U.K. Pension System," NBER Chapters, in: Privatizing Social Security, pages 99-134, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Rajat Deb, 2016. "Determinants of Savings in Sukanya Samriddhi Account: Evidence from Tripura," IIM Kozhikode Society & Management Review, , vol. 5(2), pages 120-140, July.
    2. Robert Huterski & Agnieszka Huterska & Michal Polasik, 2018. "Payment account with basic features and its significance in the reduction of financial exclusion in Poland," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 17(2), pages 137-155, June.
    3. Meskoub, M., 2018. "Financial services in the EU : Is there a problem of financial exclusion?," ISS Working Papers - General Series 638, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
    4. George Sullivan & Luke Burns, 2022. "Cashing Out: Assessing the risk of localised financial exclusion as the UK moves towards a cashless society," Papers 2202.05674, arXiv.org.
    5. Smita Ramakrishna (Correspondence author) & Pankaj Trivedi, 2018. "What Determines the Success of Financial Inclusion? An Empirical Analysis of Demand Side Factors," Review of Economics & Finance, Better Advances Press, Canada, vol. 14, pages 98-112, November.
    6. Guillermo Boitano & Deybi Franco Abanto, 2020. "Challenges of financial inclusion policies in Peru," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 12(1), pages 89-117, June.
    7. Chunhua Xin & Shuangshuang Fan & Zihao Guo, 2024. "Can digital finance promote inclusive growth to meet sustainable development in China? A machine learning approach," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(10), pages 26647-26677, October.
    8. Bartkevičiūtė Gintarė & Gaigalienė Asta & Legenzova Renata, 2018. "The Assessment of Determinants of Credit Services’ Choices among Students," Management of Organizations: Systematic Research, Sciendo, vol. 79(1), pages 7-23, June.
    9. Sheng Xu & Michael Asiedu & Nana Adwoa Anokye Effah, 2023. "Inclusive Finance, Gender Inequality, and Sustainable Economic Growth in Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(4), pages 4866-4902, December.
    10. Sabrina Bunyan & Alan Collins & Gianpiero Torrisi, 2016. "Analysing Household and Intra-urban Variants in the Consumption of Financial Services: Uncovering “Exclusion” in an English City," Journal of Consumer Policy, Springer, vol. 39(2), pages 199-221, June.

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