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5 characteristics of access to financial services

5 characteristics of access to financial services
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Financial Advisors commonly work for companies dedicated to investment, companies linked to the stock market and brokerage, insurance companies and other corporations associated with the provision of financial services.

The use of financial services and products is an engine of economic growth for advanced and emerging economies because it alleviates poverty and promotes social progress and sustainable development

Financial Analysts is experts in the analysis and interpretation of financial data. Much of the information they handle is of great value to government entities, financial institutions and companies of all kinds. Financial Analysts use his skills and economic skills to provide employees with an outline of the current and future events that will take place in the event of finance, in this sense, they provide advice so that their clients proceed in the best possible way.

The versatility of these professionals allows them to assume the position of the buyer and seller. In the first case, they advise on matters of investment, that is, they provide the necessary tools and aspects to consider in order calculating the risk factors by applying mathematical and statistical models and principles. On the other hand, those who are dedicated to sales, study the performance of investments, prepare reports and make recommendations, and even interact with their colleagues focused on the purchasing sector, to convince them to invest in the products they represent

The use of financial services and products is a driving force for economic growth in advanced and emerging economies because it alleviates poverty and promotes social progress and sustainable development.

In that sense, financial inclusion is a multidimensional concept that includes better access; better products and services, and better use. However, better access and better alternatives do not automatically translate into more effective use.

According to the results the key features of access to financial services are:

  • The most used financial product is the savings account , which in most cases is opened as a requirement of the employer to deposit salary payments.
  • There is a relationship between income, education levels and access to the products offered by the formal financial system, because as access and educational level increase, so does access.
  • Credit users are typically men, heads of households, people between 30 and 49 years of age, salaried and independent workers, individuals with higher income and education levels.
  • The population groups with the highest levels of exclusion in the use of credit are women who are not family heads, young people, pensioners, students, people with lower incomes and education levels, and the rural population.
  • Most people have a reluctant relationship with banks and do not fully realize the benefits associated with opening a bank account or other financial products.

To increase the levels of financial inclusion, it is necessary that the countries of the region promote initiatives that improve access to products through an adequate, affordable and accessible offer; a demand that guarantees the adequate use of financial products and a financial education that facilitates and optimizes the effective use of these instruments. You can also take help from financial experts like Mark Attanasio Toronto and Donato Sferra Hillcrest who are working as Financial Services Executive in Toronto and has helped many business owners.

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