People 15 Years and Over Saving at a Financial Institution in the Past Year for Philippines
DDAI06PHA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19.16
Year-over-Year Change
30.21%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of people aged 15 and above in the Philippines who reported saving at a financial institution in the past year. It provides insight into household savings behavior and financial inclusion.
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 Saving at a Financial Institution in the Past Year for Philippines' metric tracks the share of the adult population in the Philippines that has utilized formal banking or other financial services to save money. This indicator is used by economists and policymakers to assess financial access and the overall health of the Philippine financial system.
Methodology
The data is collected through household surveys conducted by the World Bank.
Historical Context
This trend is relevant for evaluating financial inclusion policies and monitoring progress towards development goals in the Philippines.
Key Facts
- The savings rate in the Philippines was 33% in 2017.
- Financial inclusion is a key policy priority for the Philippine government.
- Improving access to formal banking services is linked to reduced poverty and income inequality.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of adults aged 15 and above in the Philippines who reported saving money at a bank, credit union, microfinance institution, or other formal financial service provider in the past year.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of financial inclusion and household savings behavior in the Philippines, which are important indicators of economic development and financial stability.
Q: How is this data collected or calculated?
A: The data is collected through nationally representative 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 indicator to evaluate the success of financial inclusion initiatives and inform policies aimed at improving access to formal banking services in the Philippines.
Q: Are there update delays or limitations?
A: The data is published on a triennial basis, with the most recent update for the Philippines in 2017. There may be limitations in coverage or self-reporting bias in household survey data.
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Citation
U.S. Federal Reserve, People 15 Years and Over Saving at a Financial Institution in the Past Year for Philippines (DDAI06PHA156NWDB), retrieved from FRED.