Financial inclusion, as well as financial education and prevention of overindebtedness, are recognized as issues of great importance that have not
been sufficiently studied both in Europe and Spain. There is a lack of regulation at European level regarding the right of all citizens to have
access to basic financial services and to guarantee the use of a basic paying account. This is a cause for concern for the European
Commission, as these are risk factors for social exclusion. In fact, among the developed economies, it is in countries like the United Kingdom and
the United States where the financial exclusion has been more deeply studied, as response to critical changes in their banking systems during
the 80’s that affected socially-oriented banking models.
It is important to revise and study the situation of financial exclusion in Europe at a moment of important transformation of the national banking
systems, and especially in Spain, where the restructuring process is very important. It involves reviewing the few previous studies about this issue
in Spain, determining the ongoing levels and features of financial exclusion, and establishing a base of measure for its future evolution.
In addition, it is also relevant to analyse the role and expectations in this process of the different kinds of retail commercial banks in Spain,
and particularly of the socially-oriented models such as savings banks and cooperative banks, as their foundational principles address financial
inclusion of disadvantaged people and rural areas.
Click here to read the complete essay of Ms Fernandez Olit (Savings Banks Academic Award Winner 2012)
To cite this research paper :
FERNANDEZ OLIT (Beatriz) (2012). Financial Inclusion in Spain: A comparative study among banks, savings banks and cooperative banks, ESBG Perspectives n°65, 118 pp.