Five characteristics of access to financial services

The use of financial services and products is a driver for economic growth for advanced and emerging economies because it alleviates poverty and promotes social progress and sustainable development, as stated in the publication "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) of the series Public Policies and Productive Transformation. 

In this respect, financial inclusion is a multidimensional concept that includes better access, better products and services, and better use. However, better access and better alternatives do not translate automatically into a more effective use. 

According to the results of the measures carried out by OECD/INFE in Peru, the CAF survey, Findex, and  Xu and Zia (2012), the key characteristics of access to financial services in Latin America are: 

• The most used financial product is the savings account, which in most cases is an employer requirement to deposit salaries.
• There is a relationship between income, education level, and access to products offered by the formal financial system, since as incomes and educational levels increase, so does access.
• Users of credit are usually males, heads of households, between 30 and 49 years old, salaried and independent workers, individuals with higher income and educational levels.
• The population groups with the highest levels of exclusion in the use of credit are women,  those who are not heads of households, youths, pensioners, people with lower income and educational level, and the rural population.
• Most people have a reluctant relationship with banks and do not fully realize the benefits associated with opening a bank account or another financial product. 

To increase the levels of financial inclusion, it is necessary for the countries in the region to promote initiatives that improve access to products through offers which are adequate, affordable, and accessible, and demands that guarantees the adequate use of financial products, and a financial education that facilitates and optimizes the effective use of these instruments.