A. M. 
71.3% of salvadorans who do not have a savings account cite insufficient income as the main reason for not having one, according to data provided by the Banco Central de Reserva (BCR). This information was obtained through the Encuesta Nacional de Inclusión y Educación Financiera,which analyzes the population’s habits, obstacles, and perceptions regarding the management of their economic resources.
The BCR’s analysis reveals that, although many salvadorans understand the importance of saving, insufficient income is the main obstacle to establishing this habit. This reflects an economic situation in which a large part of the population allocates most of their income to cover basic needs such as food, housing, transportation, and services, leaving few resources available for saving.
Other reasons why salvadorans don’t save
The survey also identifies other reasons why citizens don’t have a savings account:
• 18.5% say they are not interested in opening an account, which may be related to the perception that formal savings are unnecessary or don’t offer significant advantages.
• 10.5% mention a lack of trust in and access to the financial system, reflecting structural barriers and the need to strengthen financial education and banking service coverage.
• 3.7% prefer other forms of saving, such as family savings funds or local cooperatives.
• 0.4% indicate that concern about theft is a factor limiting their decision to save in financial institutions.
Financial inclusion as a development tool
The BCR emphasizes that financial inclusion is fundamental to improving the population’s quality of life. Having a savings account not only allows individuals to protect their income and plan their expenses but also facilitates access to other financial services such as loans, insurance, and digital transfers. However, the study reveals that insufficient income remains the primary barrier, and that public policies and financial education programs must focus on providing solutions tailored to those who need them most.
Implications for the economy and public policy
The high proportion of people without formal savings accounts indicates that a large part of the population faces economic vulnerability, limiting their ability to cope with unforeseen events, invest in entrepreneurial ventures, or improve their long-term well-being. The survey results point to the need to design strategies that combine financial education, access to tailored products, and economic support mechanisms to incentivize savings among lower-income sectors.
Based on this data, the BCR continues to promote financial education and inclusion programs that allow more Salvadorans to access the banking system, learn to manage their finances safely, and build a solid financial history from an early age.
You can also read:
