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and saved using a mobile money account
FIGURE 2.2.3 In Sub-Saharan Africa, equal shares of adults saved at a financial institution and saved using a mobile money account
Adults saving any money in the past year (%), 2017–21
Saved formally at a financial institution only Saved formally at a financial institution and using a mobile money account Saved formally using a mobile money account only Saved semiformally
Saved using other methods only
Source: Global Findex Database 2021. Note: People may save in multiple ways, but categories are constructed to be mutually exclusive. “Saved formally” includes all adults who saved any money formally. “Saved semiformally” includes all adults who saved any money semiformally but not formally. Data on semiformal saving are not collected in most high-income economies. The Global Findex survey collected data on saving using a mobile money account for the first time in 2021.
The Global Findex 2021 survey asked whether people had saved money for their old age. Globally, 26 percent of adults were saving for old age—53 percent in high-income economies and 19 percent in developing economies. Among those saving for old age, about two-thirds in developing economies and more than threequarters in high-income economies reported having saved money formally. The Global Findex 2021 survey asked adults in Russia a few additional questions on pension and retirement planning to better understand how adults prepare for and fund their retirement.26 Respondents were questioned about their main sources of income once they are retired and receive a so-called old-age pension—a statutory compulsory pension insurance scheme—and about any retirement planning they might have done.27 Those not yet receiving an old-age pension were asked about their expectations and planning for retirement. One question specifically
26. The data for the additional module on pension and retirement planning in Russia will be published separately. 27. OECD (2019).
