Data gathered by Learnbonds.com shows that Europe’s banking population hit 409.46m by the end of 2019. From the data, about 77.74% of Europe is now part of the banking population.
Our data shows that 69.67m German nationals have access to a bank account which represents a banking rate of 83.74% based on the country’s population of 83.2m. In the second slot, there is the United Kingdom with a banking population of 54.74m. The country has a population of 66.65m people, translating to a rate of 83.19%.
France is third with a banking population of 51.54million followed by Italy at 60.36 million with a rate of 79.09%. Spain occupies the fifth slot with a banking population of 36.92 million and a rate of 73.84%.
Malta with a population of 0.49 million has the least banked people at 0.36 million with a rate of 78.77%. Elsewhere Estonia has a banking population at 520 million with a rate of 81.95% based on its current population of 1.33 million. Notably, Luxembourg has the highest banking rate at 85.25% with a banking population of 0.52 million while Romania with a population of 19.41 million has the least rate at 48.27%.
With almost 23% of European residents having no bank accounts, the Learnbonds.com report notes that;
“It is not clear why some individuals do not take advantage of traditional financial services, however levels of education, and income play a key role. Individuals outside the banking populations have generally lower incomes and lack advanced education like college diplomas and degrees.”
However, the rising banking population in Europe is because owning a bank account is now part of social integration.