Financial inclusion is expanding globally, but access to bank accounts and digital payment services alone may not be enough to protect consumers from financial shocks, investment losses and online fraud, according to the World Economic Forum (WEF).
Matthew Blake, managing director of the WEF’s Centre for Financial and Monetary Systems, argued that the next phase of financial inclusion must focus on giving people the knowledge, tools and protections needed to manage money and build long-term financial resilience.
The World Bank’s Global Findex data show that 79% of adults worldwide now have a financial account, up from 51% in 2011. The expansion reflects the growing role of mobile money, digital banking and other technology-driven services in bringing more people into the formal financial system.
However, wider access has also created new challenges as consumers navigate increasingly complex financial products, online investment platforms and digital payment services. Without adequate guidance, people may struggle to understand investment risks, identify fraudulent offers or determine whether financial products suit their needs.
The WEF highlighted the growing participation of younger investors in financial markets. The research showed that 30% of Generation Z investors began investing during university or early adulthood, compared with 15% of millennials, 9% of Generation X and 6% of baby boomers.
Greater participation creates opportunities for people to build wealth, but it can also expose inexperienced investors to products such as derivatives and cryptocurrencies, which can carry substantial risks. The forum noted that access to professional financial advice remains uneven, particularly in emerging markets where qualified advisers may be expensive or difficult to access.
Online fraud is another concern. The WEF cited data showing that the share of consumers across the Association of Southeast Asian Nations (ASEAN) who reported having experienced a scam increased from 31% in 2024 to 43% in 2025. Such experiences can cause financial losses and undermine trust in digital financial services.
The forum said technology could also help address these problems. Artificial intelligence tools could explain financial products in simpler terms and offer guidance tailored to users’ goals and tolerance for risk. However, these systems would need safeguards, transparent disclosures and access to human advisers when necessary.
Financial education could also be incorporated into digital platforms that consumers already use. The WEF cited Grab’s integration of financial literacy modules into its app for gig workers as an example of how guidance can reach people during everyday financial activities.
The forum stressed that technology must be supported by effective regulation, stronger consumer protections and cooperation between governments and financial services providers. These measures are important to help consumers identify scams, understand financial commitments and make informed decisions.
For financial institutions, the shift presents an opportunity to move beyond simply opening accounts and processing transactions. Products that support responsible borrowing, saving and investing could help customers manage financial shocks and plan for the future.
The wider challenge for policymakers and providers is to ensure that financial inclusion translates into genuine financial security. As digital services expand, the effectiveness of financial education, consumer protection and fraud prevention will help determine whether more people can participate safely and confidently in the financial system.
