From financial exclusion to online financial inclusion
Chambers, C. (2009) From financial exclusion to online financial inclusion. Journal of Information, Law and Technology (JILT), 3. ISSN 1361-4169
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Publisher's URL: http://go.warwick.ac.uk/jilt/2009_3/chambers
The aim of this paper is to explore the correlation between financial exclusion and financial education and whether it can be better tackled through online education. The proposition is that financial exclusion is a complex and diverse phenomenon and that the link of low financial literacy levels in people who are financially excluded is an interesting explanation as to why exclusion occurs. This paper recognises that there are many reasons why people are financially excluded but this paper focuses on just one element of this, that being the lack of financial education. The paper goes further than recognising the link between financial education and financial exclusion and determines that in the modern technical world, online education, or virtual education could offer a solution to the educational gap that is often found by those in financial education. Therefore the paper is divided into three parts. The first is to explore what financial exclusion is. The second is to examine the empirical findings of research conducted by the researcher and then finally the paper explores financial education in a virtual medium. The paper does not proffer that virtual learning is a panacea for financial exclusion but merely offers a possible additional tool in tackling the phenomenon. This is especially important in times when the banking industry is under going major reform in the hope that financial education does not get forgotten amongst the policy reform objectives.