使储蓄正规化

Formalizing Savings Martin MeleckyDorothe Singer Financial Services Sector Global DepartmentFebruary 2026 A verified reproducibility package for this paper isavailable athttp://reproducibility.worldbank.org,clickherefor direct access. Policy Research Working Paper11322 Abstract This paper investigates the determinants of saving behav-ior—both formal and informal—using individual-leveldata from the 2021 Global Findex database, coveringmore than 139,000 adults across 138 countries. The anal-ysis employs a Heckman selection model to distinguishbetween the decision to save any money and the decision tosave formally using a financial account. Key findings revealthat individuals in the poorest 40 percent of households,those with only primary education, and those out of theworkforce are significantly less likely to save and even lesslikely to save formally. While women are equally likely asmen to save any money, they are less likely to save formally.Country-level factors also play a critical role. Tax-incen-tivized savings schemes are associated with an increase informal saving and an increase in saving overall. Deposit insurance for e-money accounts is positively correlatedwith both saving any money and saving formally, particu-larly among low-income individuals. Conversely, a highershare of government-owned bank assets is associated withlower saving rates, and Muslim-majority countries exhibitsignificantly lower formal saving, likely due to religiousconstraints on interest-bearing accounts. Policy recom-mendations include expanding tax-incentivized savingsschemes, extending deposit insurance to digital financialservices, promoting financial literacy, encouraging wagepayments into accounts, reassessing the role of state-ownedbanks, and, where relevant, supporting Sharia-compliantfinancial products. Targeted interventions for women andlow-income groups are essential to closing persistent gapsin financial inclusion. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about developmentissues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry thenames of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely thoseof the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank andits affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent. Formalizing Savings Martin Melecky and Dorothe Singer World Bank JEL Classification: D14, E21, G21, O16, O16, I38 Keywords: Financial inclusion, Formal and informal savings, Global Findex, Gendergaps, Low-income households. 1.Introduction Savings are key to household financialresilience and security, and broader economic stability anddevelopment. Savings serveindividuals and households as a buffer against financial uncertaintiesand a means of funding future consumption and investment (Carroll 2001). Studies show thatsavings foster economic stability by enabling individuals to cope with income fluctuations andunexpected expenses (Dynan 2000). In particular, savings areassociated with greater financialresilience (Bachas et al. 2021; Dupas and Robinson 2013; Aggarwal, Brailovskaya, and Robinson2020; Bastian et al. 2018; Breza, Kanz, and Klapper 2020; Habyarimana and Jack 2024), withrespondents who say they have and would rely on savings in an emergency being consistently morelikely to say they could easily get the money (Demirguc-Kunt et al. 2022). Additionally, accumulatedsavings provide a foundation for retirement, reducing reliance on public welfare systems (Engenand Gruber 2001). Saving behavior is influenced by factors such as income levels, expectations,and financial literacy (Lusardiand Mitchell 2011). Higher savings rates correlate with economicgrowth by increasing investment capacity (Blanchard 1985). The formalization of savings plays a pivotal role in economic stability and growth. Savings areformal when they are depositedinto an account at a bank or similar financial institution, or amobile money account. By contrast, informal savings include saving using semiformal ways suchas savings clubs where members usually contribute a set amount of money on a regular basis (forexample, weekly) and disburse the amount to adifferent member each time. Informal savings alsoinclude saving in cash at home.Saving at financial institutions reduces risks associated with cash,typicallyoffering interest to encourage saving (Guiso et al. 2004).Savings in formal institutionspromote financial inclusion by providing secure saving options and a link to credit access, reducingfinancingbarriers for low-income individuals (Burlando and Khwaja 2014). They can also increasehousehold resilience to economic shocks by offering emergency loan