Fifty-one percent of families have a banking account

For Latin American economies, financial inclusion is a priority because it generates a positive effect on inequality, poverty, and economic growth, according to the document "La educación financiera en América Latina y el Caribe". Situación actual y perspectivas (Financial Education in Latin America and the Caribbean. Current situation and Prospects) from the seriesPolíticas Públicas y Transformación Productiva (Public Policies and Productive Transformation). 

In 2010, for the preparation of CAF's Economy and Development Report (2011) a survey was carried out in the urban areas of 17 cities in the region in order to measure access to financial services. 

According to the results, on average, 51 percent of the families in the sample has an account in some type of financial institution (not necessarily regulated). This figure contrasts the work of Demirguc-Kunt and Klapper (2012) which revealed that 39 percent of adults in Latin America and the Caribbean have an account with a formal financial institution. 

With respect to financial services, Caracas, Quito and Sao Paulo have the highest access levels. The study also indicated that 40% of the people who do not have an account, are not aware of the requirements to open one..

In almost all the countries surveyed, there is a positive correlation between access to financial services and family income. However, there is no positive correlation between the use of financial services and income. 

The research by Demirguc-Kunt and Klapper (2012), carried out in the international sphere, indicated that beyond the relationship between GDP per capita and access to financial services, there are other factors that determine the level of access and use of these instruments, as for example, financial education.