Asian markets continue to lead the way, and elections seem to make a difference in perceptions of financial inclusion.
Consumer sentiment around financial inclusion remains relatively stable globally, according to the 2025 Global Financial Inclusion Index, though significant regional variations persist. The global perception score showed only a marginal decline of two points from 60.5% to 58.5%, masking more dramatic shifts at the regional level.
The research, based on surveys conducted in April and May 2025 across 42 markets, reveals that while 18 countries recorded declining perceptions, 24 markets saw increases averaging four points, with nine markets recording swings of five points or more.
Across all markets, the research examined three key pillars of financial inclusion:
- Government support: Increased by two points to 53.1%—the first increase since 2022 and the largest among the three pillars.
- Financial system support: Rose minimally by one point to 63.2%.
- Employer support: Remained largely unchanged at 68.5%.
Notably, employers continue to be viewed as the institution doing the most to promote financial inclusion, maintaining this position for the fourth consecutive year despite showing the smallest positive change among the pillars.
The research also revealed an interesting correlation between political leadership changes and financial inclusion perception.
Of the 19 markets tracked with major elections since early 2024, 14 (74%) registered an increase in their population's perception of financial inclusion, suggesting new political leadership often corresponds with greater optimism about financial inclusion measures.
Asian markets continue to lead in perceived financial inclusion, with Vietnam and India sharing the top position at 82%, followed by China in third place. Japan recorded the most significant improvement of any Asian market with a 13.7-point increase in its score. Only one out of 11 Asian markets (Thailand) saw a decline in its score, highlighting the region's continued progress in financial inclusion efforts.
"Asia continues to show the most progress in consumer perception of financial inclusion —with Vietnam and India now sharing the top spot—suggesting populations are feeling the impact of the region's rapid rollout of digital-led measures to support financial well-being,” says Kamal Bhatia, CEO of Principal Asset Management®. “But these benefits aren't consistent globally."
The average worldwide perception slipped only two points, but beneath the surface, some countries swung more than 10 points.
Several European countries, notably France, Germany, Poland, and Spain, experienced significant declines in perceptions of financial inclusion. France dropped 11 places in global rankings with a 16-point decline to 41%, while Spain fell 13 spots after an 18-point decline to 39.7%. Germany's 17-point drop left its population feeling among the least financially included globally, with only Poland ranking lower.
The LatAm situation remains challenging, with all markets (Argentina, Chile, Colombia, Peru, Brazil, and Mexico) recording score declines averaging 8.8 points. Mexico, typically above the regional average, fell 12 places with a 12.8-point drop in its score. Latin America remains the only region with markets where less than half of consumers feel financially included.
Looking at Latin America specifically, while overall scores declined, there are some positive signs. All markets except Mexico saw increases in government support perception, with Peru and Chile making particular progress. Similarly, nearly all markets reported improved perceptions of their financial systems, with only Argentina showing a slight decline of 1.1%.
However, Bhatia emphasizes meaningful progress in Latin America faces obstacles: "Despite policy improvements, there are significant declines in scores across the region, especially when it comes to employer support. While this likely reflects the more challenging economic outlook in some Latin American countries, overall scores won't materially shift until we start to see greater employer support, given the importance of employer-led support in people's sense of financial inclusion across the board."
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