Colombian banking association Asobancaria releases figures showing that more than 60% of Colombia’s adult population now have access to banking services.
This year 18.5 million people have used financial products in Colombia, up from 17.1 million in 2009.
Seniors have had the most impact on this number because they have opened more savings accounts in 2010. According to the report the population that uses bank accounts is 20% young people (age 18 – 30), 54% of adults (age 31 – 50), and 26% seniors.
The report also states that women tend to use savings accounts and credit cards whereas men are more likely to have checking accounts or other types of credit. There are 1.18 million more women that use financial products than men.
Access to financial services is an issue in Colombia, where only 35% of the population have even a bank account. This makes it difficult to access credit, and the poor are often forced into the hands of loan sharks – illegal creditors who lend money at extortionate interest rates and enforce repayment with violence.