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The importance of financial inclusion—which centers on access to tools and resources people need to feel more financially secure—has never been more relevant.

Our latest Global Financial Inclusion Index (Index) continues to monitor the dynamics of financial inclusion across the globe, through both downturns and periods of prosperity.

The research consistently demonstrates that financial inclusion is crucial for markets' social and economic development, bolstering resilience and supporting growth on a macroeconomic level. This helps translate into wealth creation and an environment where people are better equipped to reach their goals.

Here are five takeaways resonating from our 2024 Index that point to financial inclusion being a key driver of economic progress.

1. Despite challenging economic conditions, the Index reveals that levels of financial inclusion have continued to increase around the world.

All 41 regions analyzed in our Index showed improvements in individuals’ and businesses’ ability to access affordable financial products and services that meet their needs. This trend can be attributed to the concerted efforts governments, financial institutions, and employers have made to support their populations through this period of economic stress.

2. The response to challenging economic conditions from both public and private sectors has been multifaceted—leveraging technology, promoting more advice, and providing tailored solutions for individuals.

These measures demonstrate the importance institutions place on financial inclusion and the efficacy of the mechanisms that underpin it.

Even when direct financial support, such as lending, has become scarcer or harder to access, markets have activated other highly effective support mechanisms to prop up households and businesses.

3. Despite the Index scores broadly increasing, the number of people who feel financially included has significantly declined in nearly every market tracked.

This gulf between objective measures and subjective experiences presents a challenge that governments, financial institutions, and employers must address together.

The United States presents an interesting case study in this year's Index. While its economy has held up well, and overall financial inclusion score remains consistent with last year, its fall from fourth to seventh place in the rankings highlights specific challenges. For instance, women continue to feel far less financially included than men in areas such as accessing insurance, mortgages, and investment products, as well as paying down debt and planning for the future.

4. Employers are well-positioned to help improve financial confidence among their workforces.

Initiatives such as flexible pay and comprehensive guidance around spending and budgeting can go a long way in supporting employees through tough times. Offering more pay flexibility, including advanced or increased regularity of pay, can assist a workforce through tough times. This contributed to Indonesia, Malaysia, Thailand, and Vietnam registering within the top 20 for the Employer pillar.

5. Education emerges as a powerful catalyst for financial inclusion and productivity.

The research indicates that even a small decrease in the overall cost of higher education could significantly increase the number of people pursuing further study, potentially having a major impact on gross domestic product, or GDP, per capita.

Improving access to education represents a key frontier for achieving greater financial inclusion and fostering more resilient, productive societies.

Global financial security represents one of the greatest challenges and opportunities of our time.

We must pay attention to the evolving macroeconomic trends, demographic shifts, and changing environmental factors that are preventing an increasing number of people from accessing or maintaining financial security. While the global economic outlook remains challenging, the continued progress in financial inclusion offers hope. Bridging the gap between objective improvements and subjective experiences will be crucial.

By leveraging technology, promoting education, and collaborating among the three pillars, we can continue to advance financial inclusion, reduce poverty, and enhance prosperity for families around the world.