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Europe's Banking Population Surpasses 400 Million As Germany, UK Lead

Data gathered by shows that Europe’s banking population hit 409.46 million by the end of 2019. From the data, about 77.74% of Europe is now part of the banking population.

Germany takes lead in banking population

Our data shows that 69.67 million German nationals have access to a bank account which represents a banking rate of 83.74% based on the country’s population of 83.2 million. In the second slot, there is the United Kingdom with a banking population of 54.74 million. The country has a population of 66.65 million 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 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.

© Scoop Media

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