People 15 Years and Over with Account at a Formal Financial Institution for Russian Federation
DDAI05RUA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
88.71
Year-over-Year Change
84.12%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of the Russian population aged 15 and above with an account at a formal financial institution. It is an important indicator of financial inclusion and access to banking services.
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 Russian Federation' metric tracks the share of the adult population in Russia that has an account with a bank, credit union, or other regulated financial services provider. This data point is used to assess the level of financial inclusion and access to the formal banking system.
Methodology
The data is collected through household surveys conducted by the World Bank.
Historical Context
Policymakers and economists analyze this trend to understand financial development and identify areas for improving access to financial services.
Key Facts
- Russia's account ownership rate was 67.2% in 2017.
- Financial inclusion has improved but still lags other emerging markets.
- Expanding access to banking can boost economic growth and reduce inequality.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of the Russian population aged 15 and above that has an account at a formal financial institution, such as a bank or credit union.
Q: Why is this trend relevant for users or analysts?
A: The level of financial inclusion, as indicated by account ownership, is an important measure of economic development and access to financial services. Policymakers use this data to identify areas for improving financial access and inclusion.
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: Economists and policymakers analyze this trend to assess the state of financial development and inclusion in Russia. It helps inform policies aimed at expanding access to banking and other financial services.
Q: Are there update delays or limitations?
A: The data is published by the World Bank with some delay, typically a few years behind the current year. The survey-based methodology may also have sampling limitations.
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Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Russian Federation (DDAI05RUA156NWDB), retrieved from FRED.