Financial Inclusion in North America
For the purposes of regional data analysis, the World Bank classification of North America includes only two countries: United States and Canada. According to the 2021 edition of the Global Findex – the World Bank’s global database that tracks financial inclusion – North America has the highest percentage of people who own an account. Specifically, 99.6 of the adult population in Canada and 95 percent in the United States own an account with a financial institution or mobile money provider.
Moreover, the use of digital financial services is widespread in North America. In Canada, 98 percent of the population reported having made or received a digital payment in the last year; in the United States, the figure is 93 percent. However, Findex data reveal that people with lower levels of education in the United States are substantially less likely to have made or received digital payments. Only 54 percent of people with only primary school education reported having made or received a digital payment, compared to 94 percent of those who have secondary education or more.
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- A Guide to Global Findex 2021: What You Need to Know, FinDev Gateway 2022
- Global Findex: Digitalization in COVID-19 Boosted Financial Inclusion, CGAP 2022
- The Global 2021 Findex Database: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19, World Bank 2022
- Findex Database and Visualization Dashboard, World Bank 2022
- Financial Inclusion and Digital Payments, World Bank 2022
- 2021 FDIC National Survey of Unbanked and Underbanked Households