Principal Financial Group today announced it will launch the Global Financial Inclusion Index in collaboration with the London-based Centre for Economics and Business Research, a global consultancy group.

The inaugural index and its analysis will identify key drivers shaping financial inclusion and exclusion across governments, employers and the financial services industry in more than 40 global markets, Des Moines-based Principal said in a release. The report, scheduled for September, will assess how these systems promote financial inclusion, as well as examine global consumer perspectives on how secure individuals feel. The goal of the Index is to fuel actionable insights that can help improve financial inclusion.

Pre-pandemic, 1.7 billion people globally were reportedly not served by a bank or financial institution. The effects of the pandemic brought increased rates of poverty and widened the wealth and income gap, further exacerbated by the recent sharp spike in energy prices.

“Financial inclusion is at the foundation of global economic progress,” said Dan Houston, chairman, president and CEO of Principal. “When people are excluded from the financial system, it hinders their ability to earn, prepare for and recover from crises, as well as build for the future. Our Global Financial Inclusion Index will provide a clear, measurable view of financial inclusion so we can influence change and help more people and businesses have greater access to financial security.”

As part of its environmental, social and governance strategy, largely aligned to the U.N. Sustainable Development Goals, Principal has outlined measurable commitments to advance inclusive products, services and communities. Additionally, the Principal Financial Group Foundation is investing $30 million between 2021 and 2022 to help meet basic needs, develop pathways toward economic mobility, and support financial empowerment and development with a focus on entrepreneurs, small businesses and diverse populations.

More information about Principal’s efforts toward global financial security can be found at www.principal.com/financialsecurity.