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22nd May 2020
77.74% of Europe is now part of the banking population says Learnbonds.com research
Data gathered by Learnbonds.com shows that Europe’s banking population hit 409.46 million by the end of 2019. From the data, about 77.74% of Europe is now part of the banking population.
The data shows that 69.67 million German nationals have access to a bank account which represents a banking rate of 83.74% based on the country’s population of 83.2 million. In the second slot, there is the UK with a banking population of 54.74 million. The country has a population of 66.65 million people, translating to a rate of 83.19%.
France is third with a banking population of 51.54m followed by Italy at 60.36m with a rate of 79.09%. Spain occupies the fifth slot with a banking population of 36.92m and a rate of 73.84%.
Malta with a population of 0.49 million has the least banked people at 0.36 million with a rate of 78.77%. Elsewhere Estonia has a banking population of 81.95% based on its current population of 1.33 million. Notably, Luxembourg has the highest banking rate at 85.25% with a banking population of 0.52 million while Romania with a population of 19.41million has the least rate at 48.27%.
With almost 23% of European residents having no bank accounts, the Learnbonds.com report notes that;
"It is not clear why some individuals do not take advantage of traditional financial services, however levels of education, and income play a key role. Individuals outside the banking populations have generally lower incomes and lack advanced education like college diplomas and degrees.”
However, the rising banking population in Europe is because owning a bank account is now part of social integration.
The full story, statistics and information can be found at: https://learnbonds.com/news/europes-banking-population-surpasses-400-million-as-germany-uk-lead/