Consumers’ Financial Vulnerability When Accessing Financial Services

Mogaji, E., Consumers’ Financial Vulnerability When Accessing Financial Services. Research Agenda Working Papers. Vol 2020 No 3 pp 27-39, 2020

13 Pages Posted: 22 Apr 2020

See all articles by Emmanuel Mogaji

Emmanuel Mogaji

Keele University - Keele Business School

Date Written: March 28, 2020

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 characteristics 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 recognizes the role of governmental financial policy, financial technology from banks, and consumers’ financial education in overcoming these barriers and making financial services inclusive.

Keywords: Consumer Vulnerability, Financial Vulnerability, Financial Inclusion, Fintech, Financial Services

Suggested Citation

Mogaji, Emmanuel, Consumers’ Financial Vulnerability When Accessing Financial Services (March 28, 2020). Mogaji, E., Consumers’ Financial Vulnerability When Accessing Financial Services. Research Agenda Working Papers. Vol 2020 No 3 pp 27-39, 2020 , Available at SSRN: https://ssrn.com/abstract=3562889

Emmanuel Mogaji (Contact Author)

Keele University - Keele Business School ( email )

Keele, ST5 5AA
United Kingdom

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