Saved using a savings club in the past year (% age 15+)

This indicator represents the proportion of individuals aged 15 and older who have engaged in saving activities through informal savings mechanisms, such as savings clubs or third-party individuals outside their immediate family, over the past twelve months. It highlights the reliance on community-based financial practices, which can often provide a safer and more accessible alternative to formal banking systems. Understanding this percentage not only sheds light on the saving habits and financial resilience of a population but also indicates the level of trust and social cohesion within communities. Additionally, it offers insights into the economic behaviors that may influence broader financial literacy, inclusivity, and the effectiveness of alternative saving strategies in fostering financial stability. Source: