"Financial inclusion," defined as individuals and businesses having access to useful and affordable financial products, has declined in the U.S., according to new industry research.
The U.S. fell to fourth place, from second, this year in the second annual Global Financial Inclusion Index compiled by the Centre for Economics and Business Research in London and Des Moines, Iowa-based Principal Financial Group.
Singapore's small size, with a population of just six million people, helps it in the ranking, but it is also boosted by its commitment to financial literacy, financial technology adoption and employer support.
Consumer sentiment in the U.S. is down across financial systems and employers but is especially pronounced when it comes to the government.
"It creates uncertainty and causes people to delay decisions that they might otherwise make about purchase around savings, and you don't want to paralyze people's decision-making around financial security," Dan Houston, Principal Financial Group Chair and CEO, told CNBC in an exclusive interview.
Persons:
people's, Dan Houston
Organizations:
Centre for Economics, Business Research, Financial Group, Finance, Consumer, Supreme, CNBC
Locations:
U.S, London, Des Moines , Iowa, Singapore, Hong Kong, Switzerland, Sweden