Across all regions, not only were adults in the poorest 40 percent of households within economies less likely than those in the richest 60 percent to report that it would be possible to come up with the money, but those who did so were also less likely to cite savings as their main source. Nonetheless, in developing economies a third of adults in the poorest 40 percent of households who reported that it would be possible to come up with the money cited savings as their main source and a third of them had formal savings. In both high-income OECD and developing economies, however, adults in the poorest 40 percent of households were more likely to cite family and friends as their main source of money. The two groups of adults were equally like to cite working or a loan from an employer as their main source.

The survey also asked about several other main sources of emergency funds—a credit card or borrowing from a financial institution, a private informal lender, or some other source. All these were cited by less than 10 percent of respondents around the world who reported that it would be possible to come up with the money.

# NOTES

1. The 2014 Global Findex survey asked about semiformal saving in all economies where interviews were conducted face to face. These include all developing economies as well as seven high-income OECD economies.

2. The core Gallup World Poll questionnaire asks respondents to rate their trust in banks, and those in Europe and Central Asia typically report the least trust. Demirguc-Kunt and others (2014) showed that countries that experienced a financial crisis in the past 10 years have a smaller share of adults who have trust in banks. They also showed that the use of financial services, including formal saving, is related to trust in banks but not trust in institutions in general. Using household survey data for 10 Central, Eastern, and Southeastern European countries, Stix (2013) found a preference for saving in cash rather than at banks linked to a lack of trust in banks, weak tax enforcement, dollarization, and memories of banking crises.

3. Saving for a business also includes saving to start, operate, or expand a farm.

4. HelpAge International 2014. By 2050, according to the United Nations (2012), one in every four people in East Asia and the Pacific will be over the age of 60.

5. According to an International Monetary Fund country report on Bangladesh (IMF 2013), credit to the private sector was at an all-time high in 2011 and then declined to less than half that level by 2013. Similarly, nonperforming loans were at an all-time low in 2011 and then more than doubled by 2013, a change reflecting poor credit decisions, bank fraud, slower economic activity due to strikes and political unrest, and new and stricter rules for classifying loans as nonperforming that took effect in December 2012.

6. IMF 2011.

7. Warnock and Warnock 2008.

8. De Soto 2000.

9. Borrowing for a business also includes borrowing to start, operate, or expand a farm.

10. In the 2011 Global Findex survey 3 percent of respondents in developing economies reported borrowing for a wedding or funeral.

11. Gurley-Calvez 2010.

12. _Possible_ includes very possible, somewhat possible, and not very possible.

> THE GLOBAL FINDEX DATABASE 56