The Global Centre of Financial Health in Singapore functions as an impartial financial health convener, innovation supporter and knowledge hub. It aims to develop a shared understanding of financial health through collaborations, the cultivation of data and insights, and thought leadership. As a financial health lens is more holistic, it encompasses a deeper focus on customer outcomes. This bodes well for the private and public sector, creating not only social impact but also commercial benefits. Initiatives spearheaded by the Centre will enable market players to develop potentially transformative solutions that broaden and deepen financial health outcomes for all segments of the population, particularly those that have been historically marginalized.
Financial inclusion and financial health are fundamentally similar, though with different definitions regarding outcomes. While the ultimate intention of most financial interventions is to improve people’s lives, inclusion and health appear to be on different points of the spectrum, whether intentionally or not. For financial inclusion, the outcome is “to be included” – to have access to (at least one) account, which is being used (with some degree of regularity). Financial health seeks to understand how being “included” (or, not) impacts the financial security, freedom and resilience of individuals and communities. Ultimately, we would hope to learn which products and services, in what bundles, works for whom and in what settings.
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