The reality of low-income people’s access to banking financial services

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Lecturer at King Saud University, Department of Social Studies

Abstract

The current study sought to identify the reality of low-income people's access to banking financial services and the challenges they face from their point of view. The study followed the quantitative approach based on the social survey methodology through a sample that consisted of beneficiaries of the Social Security and Empowerment Program, and beneficiaries of financial services provided by civil society organizations in a number of cities in the Kingdom. The study concluded that most of the sample members enjoy a high level of bank account ownership and access, in addition to a high rate of access to credit financial services from official sources compared to informal sources in general. The study also showed a sharp decline in the use of savings and investment services provided by commercial banks by low-income people. The most important challenges that hinder access to banking services from the sample's point of view were the unsuitability of the services provided by banks to the needs of low-income groups, high costs, and complex conditions.

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