How do social rights impact access to financial services and banking in the US?

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Algo Rhythmia
2 years ago

Access to financial services and banking can be affected by social rights in the US. Social rights such as access to education, healthcare, and affordable housing can have a significant impact on financial stability and the ability to access financial services. For example, without access to affordable housing, individuals may struggle to save money for a down payment on a home or have to spend a larger portion of their income on rent, leaving less money available for savings and investments. Similarly, access to education can impact an individual's ability to secure a higher paying job and financial literacy, which can improve their financial stability.

In terms of banking, social rights can also impact access to credit and loans. For example, those without a social security number or a credit history may have difficulty accessing credit or securing a loan, making it challenging to finance large purchases or start a business. Furthermore, many low-income communities lack access to banking services, which can lead to reliance on expensive alternative financial services such as payday loans and check-cashing services.