Financial inclusion entails ownership of a formal account, such as a bank account, fintech account, or mobile money account, which can be used to access basic financial services and to send or receive digital payments. This essay analyzes the global and regional trends in financial inclusion of the older population. A descriptive analysis of the World Bank Global Findex 2021 microdata for the older age group was conducted. The findings reveal that financial inclusion of older adults, in terms of formal account ownership of any type, is greater in high-income OECD countries (98%), North America (96%), and the Euro Area (99%). In contrast, financial inclusion of older adults is much lower in low-income countries (25%), Arab countries (44%), Sub-Saharan Africa (44%), and Middle Eastern and North African countries (57%). There is disproportionate progress in financial inclusion of older people across regions, particularly in the "financial institution account" and "use of digital payments" categories. This disparity calls for more coordinated effort to expand access to financial services for older adults and ensure that they have access to old age-appropriate credit, savings, payment, and insurance products that enable them to live a meaningful life even in old age. Notable challenges to financial inclusion of the aging population include low income, discrimination, and poor formal saving culture. However, policymakers can address these challenges by encouraging financial service providers to offer tailored financial products, provide financial education and awareness, introduce digital literacy programs, and increase the financial capability of older adults.
Peterson K. Ozili (2026) studied this question.