Financial inclusion is crucial for poverty reduction and inclusive growth. Although most research has focused on developing economies, increasing social exclusion in developed nations calls for a closer look at the barriers impeding financial inclusion in these contexts. This study examines how demand-side, supply-side and institutional/regulatory factors interrelate in developed countries. A comprehensive literature review identified key barriers, which were then evaluated by a panel of 12 experts from academia and the financial industry through structured questionnaires and in-depth interviews. The study applied fuzzy DEMATEL to uncover causal relationships, used interpretive structural modeling (ISM) to establish a hierarchical structure of the barriers and conducted MICMAC analysis to classify them based on driving and dependence power. Findings indicate that the most critical obstacles are primarily institutional and supply-side in nature, including the absence of a coordinated national policy, inadequate regulations, limited rural financial services, restricted banking access and unsuitable financial products. While demand-side factors, such as low financial literacy and a lack of trust in the financial system, were observed, their influence was comparatively lower. The results underscore the complexity and interdependence of barriers to financial inclusion in developed countries. They challenge the assumption that high-income economies naturally foster inclusivity, suggesting that policies focusing solely on demand-side factors are insufficient. Instead, coordinated strategies addressing multiple barriers simultaneously are essential for advancing financial inclusion and promoting inclusive growth.
Citation: Jordi Capó Vicedo, José-Vicente Tomás-Miquel. Decoding sustainable finance: A Multi-Criteria Approach to financial inclusion barriers in High-Income Economies[J]. Green Finance, 2025, 7(1): 83-116. doi: 10.3934/GF.2025004
Financial inclusion is crucial for poverty reduction and inclusive growth. Although most research has focused on developing economies, increasing social exclusion in developed nations calls for a closer look at the barriers impeding financial inclusion in these contexts. This study examines how demand-side, supply-side and institutional/regulatory factors interrelate in developed countries. A comprehensive literature review identified key barriers, which were then evaluated by a panel of 12 experts from academia and the financial industry through structured questionnaires and in-depth interviews. The study applied fuzzy DEMATEL to uncover causal relationships, used interpretive structural modeling (ISM) to establish a hierarchical structure of the barriers and conducted MICMAC analysis to classify them based on driving and dependence power. Findings indicate that the most critical obstacles are primarily institutional and supply-side in nature, including the absence of a coordinated national policy, inadequate regulations, limited rural financial services, restricted banking access and unsuitable financial products. While demand-side factors, such as low financial literacy and a lack of trust in the financial system, were observed, their influence was comparatively lower. The results underscore the complexity and interdependence of barriers to financial inclusion in developed countries. They challenge the assumption that high-income economies naturally foster inclusivity, suggesting that policies focusing solely on demand-side factors are insufficient. Instead, coordinated strategies addressing multiple barriers simultaneously are essential for advancing financial inclusion and promoting inclusive growth.
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Figures(4) / Tables(11)
Jordi Capó Vicedo, José-Vicente Tomás-Miquel. Decoding sustainable finance: A Multi-Criteria Approach to financial inclusion barriers in High-Income Economies[J]. Green Finance, 2025, 7(1): 83-116. doi: 10.3934/GF.2025004
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