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New analysis from Principal reveals employer support for financial inclusion differs by sector

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The U.S. is the second most financially inclusive market, according to the 2022 Global Financial Inclusion Index, produced from research sponsored by Principal Financial Group and conducted by the Centre for Economics and Business Research. The analysis ranked the U.S first out of the 42 markets in the financial system pillar and second within the employer support pillar. When analyzing U.S. employer data by industry, opportunities were identified to help get access to financial resources such as guidance, insurance benefits, retirement contributions and pay initiatives in certain industries. “We must recognize and appreciate the role employers play in fostering financial inclusion within our communities, and as industry, continue to do everything we can to help more businesses support the financial needs of their employees, now and into the future,” said Chris Littlefield, president of retirement and income solutions at Principal. The index uncovers a clear association between businesses’ size and the financial support employers provide to their employees, revealing a need for more support systems for small businesses and certain industries, the report said. To read the full report and learn more about financial inclusion index, visit Principal’s website.