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Hello Folks, this post is to inform you all about the National Quiz Competition 2021 On Financial Exclusion For Civil Services.
Most people’s lives revolve around financial services. Bank accounts are used by the great majority of people to pay their expenses and receive their paychecks. Mortgages and pensions allow people to buy homes and invest for their retirement. However, a small percentage of the population lacks access to even the most basic financial products and services, resulting in considerable financial losses.
About National Level Quiz Competition
BRAINIAC OF DEPARTMENT OF B.COM BANK MANAGEMENT, DWARAKA DOSS GOVERDHAN DOSS VAISHNAV COLLEGE, CHENNAI Conducting National Level Online Quiz Competition For Students on “Financial Exclusion For Civil Services”. In this Quiz Contest, you will get Multiple Choice Questions or Objective-based questions based on Banking & Financial Services. All Questions are compulsory to attempt. And after completion of your quiz, if you will get a good score, then you will get Free Government Banking Certificate or a verified certificate.
What is Financial Exclusion?
The phrase ‘financial exclusion’ is defined in a variety of ways, but it is most commonly used to describe a lack of access to and use of a variety of financial services. To define financial inclusion, Transact uses the following definition:
A state in which all people have access to appropriate, desired financial products and services in order to manage their money effectively. It is achieved by financial literacy and financial capability on the part of the consumer, and access on the part of financial product, services and advice suppliers
People who are financially disadvantaged are likely to have one or more of the following characteristics:
- A reliance on alternative kinds of lending such as doorstep lenders and pawnbrokers
- A lack of other critical financial products such as insurance, savings products, and pensions due to a lack of a bank account and the financial services that come with it
Those who do not have access to basic financial services spend more on money management, have a harder time planning for the future, and are more likely to become over-indebted.
Too many people are currently unable to receive adequate financial products and services, according to the Treasury Select Committee: they struggle to obtain inexpensive credit or helpful financial advice, and they face difficulties in creating and managing bank accounts.
Many millions of people’s lives are blighted by financial exclusion; it raises the costs of basic services; exposes them to unlawful or high-cost loans, and it fosters social exclusion.
Who is Financially Excluded?
Financial exclusion can be caused by a variety of circumstances, such as financial products that do not fulfill the needs of low-income customers, excessive interest rates and other fees, a lack of knowledge, self-exclusion, handicap, geographical obstacles, and cultural barriers. 13 According to a study completed for the Financial Services Authority in 2000 found:
Those most likely to be on the margins of financial services include people who are unemployed, unable to work through sickness or disability, single pensioners, and lone parents. It is also much more common in African-Caribbean, Pakistani, and Bangladeshi households.
Around two-thirds of households with no bank
account have an annual income of under £14,50015
• 10 per cent of those with weekly incomes below £100
do not have a bank account, compared with 2 per
cent of those with incomes of £500-£60016
• People on benefits borrow an estimated £330 million
a year on home credit, paying £140 million in interest17
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