Only 1 out of 4 people has a bank account

Hi hotsummer! Yes this maybe true not only because there are many people who don't have jobs but also because there are also people who live in remote areas who cannot go to the city to open an account. They prefer to keep their money inside their homes. By the way, what other online earning opportunities do you have?

I do have my own account have had it since the day i retired with the same bank wow 10 years now

These people are not poor, they are ignorant, which is the reason they have no money. How could anyone save money without the help of a money managament plan such as a bank account. Many kids have a bank account before they leave elementary school. This is how they learn to manage their money.

In our country the ratio may be as bad as one in 20..lol I really dont know but I am presuming based on the number of uneducated people I come across...

Hi Hot! I have a bank account because of my online activities here and because I also use checking account to pay monthly rent. It is unbelievable to think that a great number of people still don't use the bank to keep their money in. I know of a very successful businessman who just keeps his money in his house. Really dangerous.

With so many poor families here in our country, 1 out of 4 is I think an under statement. I can tell you I know so many people who on their entire life has not set foot on a bank much so to open a bank account. Many don't even bother to think on saving because their earning is barely enough for their daily needs. Even so to open an account you must have a minimum amount for deposit, and failing to maintain the minimum requirement penalized the depositors thus rob their poor depositors of their hard earned money instead of giving them interest to earn. And speaking of interest, how much will your money in bank now earned annually? Not even enough to offset the devaluation of money from inflation rate... So what poor people can get on putting their money in a bank ?

I feel like those who don't have a bank account end up at a disadvantage as well, because a lot of jobs pay by direct deposit or by cash, and without a bank account, people need to find other ways to cash cheques, which usually cost more. I guess it's not an issue if you don't even have a job.

I am a Filipino and thank God I was able to have a bank account, not much though, but at least I have. It is important to have a bank account for savings, for the future.

Is this concerning the Phillipines or the world? I was just wondering because I thought alot of people in the United States have bank accounts either a checking, savings or both. I live in Puerto Rico and have both checking and savings and I love it because I can transfer my earning from online directly to my account. I feel bad for thoses who don't have. Even though there are people who have money but prefer to keep their money in the house because they don't trust the banks.

i am not surprised at this statistic at all but as you say there are many poor people in the world who do not have any spare money so there is no need for them to have a bank account. I think that this is a sad fact but unfortuntly its only get worse with the current recession but i think that its important to have a bank account.

I get the logic there. Plus, these banks have a maintaining balance and they will start charging you once your savings with them goes below the minimum balance allowed. It is kinda sad because that would only mean 25% of the population is below the poverty line. Well, either that or they just don't have enough money to even start a bank account.

It really is important to have a bank account simply because of the benefits that we can do especially if we have financial transactions and our very own regular financial activity . My personal point of view is to encourage everyone opening a bank account.