The global financial system plays a critical role in society by providing a wide range of services to people such as corporate and mortgage loans, savings accounts and risk management products among others. However, to completely fulfil its role, the financial system must be inclusive. Inclusive financial systems reduce barriers of use and provide access to their services to poor people and other disadvantaged groups of society. In the absence of inclusive financial systems, disadvantaged groups of society must use their own funds to invest in their personal education or their entrepreneurial ideas. At the same time, small firms must also rely on their limited profits to grow their business. Such disadvantages allow income inequality to persist and increase, while they limit economic growth.
In the aftermath of the global financial crisis of 2007-2009, financial inclusion has become an important priority of public policy in many countries. For instance, the UK government publishes a report on financial inclusion and recently highlighted the impact of COVID-19 on financial exclusion for some of the most vulnerable people in society. At the same time, while advance economies such as the UK or the EU face challenges with financial inclusion, the problem is considerably greater in countries with fewer resources. Yet, despite the societal significane of financial inclusion, there are few studies that focus on this issue.
The general consensus from the literature is that financial inclusion has a positive impact on society. This includes higher savings and employment, improved mental well-being, lower income inequality and better education among other positive consequences. Nevertheless, research on the impact of financial inclusion on the banking sector is limited to a handful of papers. As a result, this is a unique opportunity for a new researcher to examine an impactful research area.
Research on this topic is largely dependent on data availability and requires extensive statistical and econometrical analysis. Several data sources enable research on financial inclusion at an international level such the ones provided by the World Bank and the International Monetary Fund among others. At the same time, the university provides datasets at the bank-level, while macroeconomic financial data is available online.
Academic qualifications
A first degree (at least a 2.1) ideally in Finance, Economics or Business with a good fundamental knowledge of Finance and Econometrics.
English language requirement
IELTS score must be at least 6.5 (with not less than 6.0 in each of the four components). Other, equivalent qualifications will be accepted. Full details of the University’s policy are available online.
Essential Atributes
Experience of fundamental finance or economics
Competent in statistics
Knowledge of financial services
Good written and oral communication skills
Strong motivation, with evidence of independent research skills relevant to the project
Good time management
Desirable attributes:
Knowledge of statistical software such as Stata or R; Panel data econometrics
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