Loan in the past year (% age 15+)

This indicator measures the proportion of individuals aged 15 and older who have accessed borrowing services within the last year from various sources, including formal financial institutions, retail store installment plans, family, friends, employers, or private lenders. Analyzing this metric provides valuable insights into the borrowing behaviors and financial reliance of individuals, reflecting economic trends and consumer confidence. It can also reveal the accessibility of credit across different demographics and the potential gaps in financial services, highlighting areas where financial literacy and inclusion initiatives may be necessary. Additionally, understanding the reliance on informal lending sources versus formal institutions can inform policy interventions aimed at improving financial stability for various populations. Source: