INDUSTRY

40 Percent Of People Without Bank Accounts Live In Just 3 Countries

Apr 16, 2015 at 1:21 PM ET

About 780 million people in India, Indonesia and China, have no bank accounts, making up a staggering 40 percent of the two billion adults across the world who live entirely outside the global financial system.

India, alone, is home to 21 percent of those who don’t have bank accounts, according to new World Bank Group data. That means that there are roughly 420 million unbanked adults in the populous South Asian country. India has the greatest number of people without bank accounts of any country, followed by China and Indonesia, which respectively account for 12 percent and 6 percent of the global unbanked population.

Globally, not having enough money is the overwhelming reason why people don’t have bank accounts. Of those without bank accounts, 1.18 billion (59 percent) people identified this as a reason, of which 16 percent said it was their only reason. The next most common reasons were that a family member already had and account and that they didn’t need one.

Read More:

Mobile Phones Are Revolutionizing Personal Finance In Sub-Saharan Africa (FiveThirtyEight)
The Global Findex Database 2014 (World Bank Group)