Longer Term Impacts Sample Clauses

Longer Term Impacts. The costs and benefits discussed in Sections 4 to 6 are the direct impacts on banks, consumers and other stakeholders of the extension of provision of a Basic Bank Account. However, there are other important indirect longer term impacts which such a change could bring. We use this section to highlight some of these impacts. We see all the longer term impacts specified below as beneficial, with no additional costs. Society Overall Improving social cohesion through the improved integration of currently more marginalised groups of financially excluded (e.g. access to the job market and access to social security). There is strong agreement (e.g. the FES survey report “Better Access to financial services”) that financial exclusion is closely linked to social exclusion and improving financial inclusion will increase social inclusion and cohesion. This occurs in a number of ways, most importantly the ability to take a job and receive payment through a bank account, and receiving social payments. There are also strong links between financial exclusion and over-indebtedness. Thereby financial exclusion and over-indebtedness are both causes and consequences of poverty and social exclusion. Contributions to addressing social exclusion through easing access to appropriate financial products such as Basic Bank Accounts will have positive benefits to society overall and to individuals who increase their participation.