dimensions : access, usage, quality and impact / welfare. i will focus on the impact / welfare component which refers to financial health. the financial health of citizens is indeed where the rubber meets the road in terms of financial inclusion improving their livelihoods. 1 / 4 bis - central bankers'speeches whilst progress in kenya has been made on the access dimension of financial inclusion, much more more remains to be done on the other three dimensions of usage, quality and impact / welfare. the survey revealed increased usage of banking services particularly through mobile phones. however there are still gaps in usage of financial services between males and females, rural and urban users, among different age groups and users in different income segments. on the quality dimension of financial inclusion, as assessed on the basis of financial literacy and consumer protection, the survey indicated that 45 percent of respondents relied on friends and family members to get financial advice, with formal institutions playing a peripheral role. some of the challenges cited by respondents include : fraud through loss of money, unexpected transaction charges, lack of transparency in the pricing of financial services and products and system downtime. on the fourth dimension of impact on livelihood of those using financial services and products by household, the survey employed a framework of financial health constructed from a composite index of three main life goals : ability to manage day - to - day needs. ability to cope with shocks. ability to invest in future goals. the aim was to determine the outcome of financial inclusion in terms of the resilience of the kenyan population and its potential for growth. the results of the survey indicate that the financial health of respondents deteriorated to 17. 1 percent in 2021, compared to 21. 7 percent in 2019. this implies that that only 17. 1 percent of the respondents could adequately and comfortably meet their day - to - day needs, cope with shocks and had the ability to invest in future goals like saving for old age. globally, the world bank global findex database ( global findex ) revealed that in 2021, 76 percent of adults had an account at a bank or regulated institution such as a credit union, microfinance institution, or a mobile money service provider. account ownership around the world increased by 50 percent in the 10 years spanning 2011 to 2021, from 51 percent of adults to 76 percent of adults. notwithstanding this significant increase in global access to financial services, financial health remains of concern. in particular, only 55 percent of adults in developing economies could access extra funds within 30 days without much difficulty. friends

a comprehensive plan that addresses a variety of community needs. only in this way will our neighborhoods be restored to health and vitality. this brings me back to yvonne means and her street in cleveland. her plight illustrates that while it is important to avoid foreclosures whenever possible, it is equally important to pay attention to the properties that despite everyone ’ s best efforts will end up in foreclosure or worse, will become vacant and abandoned with no one even willing to take responsibility through foreclosure. we owe it to yvonne means and others like her to work to repair the financial and social damage, and restore services to the remaining homeowners in communities with high rates of vacancy and foreclosure. the problems caused by foreclosure are not solved until properties are restored to responsible ownership and occupied by families who call them home. neighborhood stabilization is not just sound economic policy, it is rooted in a vision of our shared future, our sense of community. conclusion in conclusion, i want to thank you for being here and especially for your work to promote neighborhood stabilization. the program today is certainly not the end of this project. i am pleased to say that, as a follow - up to this summit, the federal reserve and neighborworks will be working together to provide technical workshops for communities as they implement some of the strategies identified here. as of now, we have scheduled workshops in providence, rhode island and cleveland, ohio this fall and plans are underway to schedule similar workshops on the west coast. i look forward to your participation and feedback today and to new partnerships going forward as we continue to identify ways to streamline the process of repurposing reo and to address the community development needs of neighborhoods that have been harmed by foreclosures.