People 15 Years and Over with Account at a Formal Financial Institution for Sri Lanka
DDAI05LKA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
88.93
Year-over-Year Change
29.77%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of the population aged 15 and older with an account at a formal financial institution in Sri Lanka. It provides insights into financial inclusion and access to banking services in the country.
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 for Sri Lanka' metric is a key indicator of financial development and access to the formal banking system. It is used by economists and policymakers to assess progress in expanding financial inclusion and evaluate the overall health of the financial sector.
Methodology
The data is collected through household surveys conducted by the World Bank.
Historical Context
This trend is important for understanding economic and financial stability in Sri Lanka and informing policies aimed at promoting broader access to banking services.
Key Facts
- In 2017, 73.7% of Sri Lankans aged 15 and older had an account at a formal financial institution.
- The percentage of adults with a formal financial account in Sri Lanka has increased significantly over the past decade.
- Access to banking services is an important driver of economic growth and poverty reduction in developing countries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of the population aged 15 and older in Sri Lanka 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 financial inclusion and access to banking services in Sri Lanka, which are crucial for economic development and improving living standards.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the World Bank as part of its Global Findex database.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess progress in expanding financial inclusion and evaluate the overall health of Sri Lanka's financial sector, informing policies aimed at promoting broader access to banking services.
Q: Are there update delays or limitations?
A: The data is updated every three years, so there may be a delay in capturing the most recent changes in financial inclusion in Sri Lanka.
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Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Sri Lanka (DDAI05LKA156NWDB), retrieved from FRED.