2.2.1 Worldwide, the share of adults who save varies widely

MAP 2.2.1 Worldwide, the share of adults who save varies widely

Adults saving at a financial institution or using a mobile money account in the past year (%), 2021

Source: Global Findex Database 2021.

adults (55 percent of savers) saved in only some other way, making it one of the economies with the highest share of adults doing so.24

The share of adults saving formally grew around the world

The share of adults saving formally has increased over the past decade in both high-income and developing economies by 14 percentage points and 7 percentage points, respectively (figure 2.2.2). Because account ownership is a prerequisite for formal savings, it is no surprise that high-income economies, where account ownership is much higher, on average, than in developing economies, also have a higher average share of adults reporting that they saved formally.25 Because those who have an account also tend to be wealthier and likelier to participate in the labor force, they may also have a greater capacity to save.

Mobile money accounts are becoming a popular way of saving formally in Sub-Saharan Africa

As mobile money account ownership has expanded in recent years, so has the use of these accounts—in some economies—to save money. The Global Findex 2021 survey asked for the first time about saving formally using a mobile money account. The share of adults who reported doing so is small (5 percent) in developing economies overall. However, in Sub-Saharan Africa, the region in which mobile money account ownership is most widespread, 15 percent of adults, on average—or 39 percent of mobile money account owners—reported

24. Only in Armenia (30 percent), Lao PDR (32 percent), and Moldova (38 percent) were the same or a higher share of adults saving only in some other way. 25. Globally, 0.6 percent of unbanked adults reported having saved formally.