Empowering society through financial resilience
The role of financial institutions in building the resilience of society against economic risks is crucial. This role only grows in importance as more non-financial risks begin to impact society at large. The risks presented by climate change and the negative externalities of non-sustainable development create an even stronger precedent for financial institutions to help build the resilience of societies at all levels. This work can be done at the individual level, through financial inclusion, education, and access; or even at a commercial level, by helping SMEs build resilience in the face of growing risks, and improving their access to banking and financial services that feed into sustainable development, rather than working against it. Financial resilience is ever the more important when it comes to already at-risk and vulnerable groups, such as women, youth, people of determination, rural societies, and those with low incomes or inadequate access to banking services. Resilience must be built at all levels of society, from the individual and the household, to family owned small businesses and successful medium sized enterprises. The question is, what is the path we will choose to achieve it?