People 15 Years and Over with Account at a Formal Financial Institution for Hong Kong SAR, China
DDAI05HKA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.80
Year-over-Year Change
10.28%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic indicator tracks the percentage of people aged 15 and older in Hong Kong who have an account at a formal financial institution. It provides insights into financial inclusion and access to banking services in the region.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'People 15 Years and Over with Account at a Formal Financial Institution' metric measures the share of the adult population in Hong Kong that utilizes formal banking and financial services. This data point is used by economists and policymakers to assess financial development and gauge the level of financial inclusion within the economy.
Methodology
The data is collected through household surveys conducted by the World Bank.
Historical Context
This indicator is relevant for understanding the state of financial access and assessing progress toward greater financial inclusion in Hong Kong.
Key Facts
- Hong Kong has a high rate of financial inclusion compared to other developed economies.
- Access to formal financial services has increased significantly in Hong Kong over the past two decades.
- Financial inclusion is a key policy priority for the Hong Kong government.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the percentage of people aged 15 and older in Hong Kong who have an account at a formal financial institution, such as a bank, credit union, or microfinance provider.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the level of financial inclusion and access to banking services in Hong Kong, which is an important factor in assessing the overall development and stability of the economy.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the World Bank.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to monitor progress toward financial inclusion goals and to inform policies and initiatives aimed at expanding access to formal financial services.
Q: Are there update delays or limitations?
A: The data is updated on an irregular basis, with the most recent data point available for 2017. There may be some limitations in terms of survey coverage and sampling methodology.
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Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Hong Kong SAR, China (DDAI05HKA156NWDB), retrieved from FRED.