Abstract:

In the World financial inclusion has a long and constantly evolving historical process to connect every individual to financial services. Many financial institutions have evolved since the early 2000s from simply offering microcredit to providing basic access to financial services such as savings and insurance. However, the 2008 global financial crisis, like all other economic crises, created changes in the dynamics of economics and financial inclusion has become a basic strategy in the financial issues. Generally, financial inclusion is defined as a process that provides access, availability, and ease of use to financial services for all members of society. In terms of macroeconomic impacts, studies on financial inclusion have been shaped around economic growth, financial stability, and inequality. The World Bank's studies and indexes on financial inclusion constitute a considerable part of the literature. In this study, using data from the Global Findex 2017, high-income countries, low-income countries and in Turkey financial inclusion - income relationship with multiple correspondence analysis (MCA) were examined. In the event of an urgent need for funding, individuals in low-income European and Central Asian countries turn to more traditional channels, not financial institutions. It is concluded that savings and financial institutions are preferred more in high-income countries. Also, as an important finding, in the case of such an urgent need for funding in high-income “non-OECD countries”, needs are met through more employment channels. In terms of financial participation, income level, education, gender and age differ between countries and they are significant variables.

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