On Friday in Luxembourg, a panel of experts sounded alarm bells on trends in financial health. Amrik Heyer of FSD Kenya noted that financial health in Kenya, for example, has gone down significantly since 2016, the first year for which her data are available. This has occurred while usage of digital financial services (DFS) has gone up.
The panel was adamant that financial inclusion alone does not boost financial health, which encompasses the ability to meet current needs, absorb shocks and pursue financial goals. In fact, Jaspreet Singh of the UN Capital Development Fund argued that