Milka Grbić
Faculty of Economics University of Kragujevac, Liceja Kneževine Srbije 3, Serbia
Milena Jovanović-Kranjec
Faculty of Economics University of Kragujevac, Liceja Kneževine Srbije 3, Serbia
Natalija Jovanović
Faculty of Philosophy University of Niš, Ćirila i Metodija 2, Serbia


3rd International Scientific Conference – EMAN 2019 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 28, 2019, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty –  Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-17-2, ISSN 2683-4510


Generally accepted viewpoint is that for the realization of economic growth and decrease of poverty, among other things, the inclusion of individuals in the formal financial flows is necessary. The concept of financial inclusion, as the subject of paper research, is being considered at the example of the selected European countries out of which some have successfully finished transition process and have become the members of European Union (advanced countries in transition), while a number of them is on the road of European integrations (the countries of Western Balkans). In accordance with the subject, the objective of the paper is to carry out comparative analysis of the reached level of financial inclusion of individuals in advanced countries and the countries of Western Balkans. Paying respect to the complexity of the stated problem, the qualitative methodology is applied, based on the dominant application of the methods of analytical description and methods of comparative analysis. In the paper it is concluded that the average values of selected indicators of financial inclusion of the individuals in the case of Western Balkans countries are significantly lower in comparison to the advanced countries in transition. In the context of the measures of economic policy and the elements of development strategies it is necessary to provide the conditions for the increase of financial inclusion, primarily in the countries of Western Balkans. Regarding this, what is necessary, among other things, is financial education for the purpose of improvement of financial literacy of population, implementation of new technologies of mobile banking and electronic payment, designing of financial products that meet the needs of clients and provision of financial services at prices that individuals can afford.


financial inclusion, advanced countries in transition, countries of Western Balkans


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