4 Ways People Save Money, From Cash to Phones (World Bank Data)

Intro

55% of adults in low- and middle-income economies saved money in the past year, and that share is growing. So where do people keep it? By the end, you'll know the four ways they save, and the most reliable source of emergency money, from the same World Bank survey. It's the Global Findex 2025.

In most high-income economies, the survey only asked about accounts, so the saving numbers here are for low- and middle-income economies. Adults means age fifteen and up. And one number covers the whole world: 79% of adults now have an account, the highest since the survey began in 2011. One thing the survey didn't ask is how much people saved.

It asked whether they saved, and where.

Cash And Valuables

Way one needs no account: cash at home, livestock, gold or jewelry, even real estate or securities. 8% of adults saved only this way. In Moldova, the share of adults who save only this way is the highest in the survey. And it went down: saving in these other ways declined in every region between 2021 and 2024.

Savings Clubs

Way two is semiformal saving: a savings club, or a person outside the family who holds the money. 17% of adults saved this way in 2024. In Sub-Saharan Africa, 28% of adults save this way, and more women than men do. If you like seeing how money works around the world, with the official numbers, subscribe.

That's all this channel does.

Mobile Money

Way three fits in your pocket: a mobile money account on a phone. 9% of adults saved with one in 2024, up from 4% in 2021. In Sub-Saharan Africa it's 23%. In Latin America and the Caribbean, the share quadrupled since 2021.

And in Ghana, Kenya, Senegal, Uganda and Zambia, half of adults or more saved this way.

Accounts

Way four is the one most savers now use: an account at a bank or a similar institution, like a credit union or a post office, or a mobile money account. 40% of adults saved in an account in 2024, mobile money included. That's most of the people who saved. Read that again: in 2021, it was 24%.

And nearly half of the people who save in an account put money away every month. So those are the four ways: cash and valuables, savings clubs, mobile money and accounts at banks or similar institutions. Some people use more than one.

Emergency Money

Now a test the World Bank uses for financial resilience. Could you come up with one twentieth of your country's yearly income per person, within thirty days? In the United States, that's about $4,000. In low- and middle-income economies, 56% of adults could, without much difficulty.

Where would the money come from? The top answer is family or friends, for 31% of adults. In Bangladesh, Viet Nam and Mexico, more than four in ten adults name family or friends first. Next come savings and extra work, at about 20% each.

Borrowing and selling things are much less popular. And here's the finding that closes the loop: savings are the most reliable source. Nearly all adults who rely on them say they could get the money with little to no difficulty. And among adults who save in an account, 38% would rely on their savings in an emergency.

So, back to the 55%. More adults are saving, more of them save in an account, and savings are the most reliable source of emergency money in the survey. Where do you keep your savings: in a bank, on your phone, in a savings club, or at home? Tell me in the comments.

And if you haven't taken the OECD money test yet, it's on screen now.