{"type":"script","doc_desc":{"producers":[{"name":"Reproducibility WBG","abbr":"DECDI","affiliation":"World Bank - Development Impact Department","role":"Verification and preparation of metadata"}],"prod_date":"2026-02-05","version":"1"},"project_desc":{"authoring_entity":[{"name":"Dorothe Singer","affiliation":"World Bank","email":"dsinger@worldbank.org"},{"name":"Martin Melecky","affiliation":"World Bank","email":"mmelecky@worldbank.org"}],"title_statement":{"title":"Reproducibility package for Formalizing Savings","idno":"RR_WLD_2026_548"},"data_statement":"All data sources are publicly available but not all are included in the reproducibility package.","software":[{"name":"Stata","version":"19 MP"}],"scripts":[{"title":"Reproducibility package for Formalizing Savings","date":"2026-02","notes":"Computational reproducibility verified by Development Impact (DECDI) Analytics team, World Bank.","instructions":"See README in reproducibility package.","file_name":"RR_WLD_2026_548","zip_package":"RR_WLD_2026_548.zip","dependencies":"Stata dependencies are listed in the ado folder."}],"repository_uri":[{"name":"Reproducible Research Repository (World Bank)","uri":"https:\/\/reproducibility.worldbank.org"}],"production_date":"2026-02-05","abstract":"This paper investigates the determinants of saving behavior\u2014both formal and informal\u2014using individual-level data from the 2021 Global Findex database, covering over 139,000 adults across 138 countries. The analysis employs a Heckman selection model to distinguish between the decision to save any money and the decision to save formally using a financial account. Key findings reveal that individuals in the poorest 40 percent of households, those with only primary education, and those out of the workforce are significantly less likely to save and even less likely to save formally. While women are equally likely as men to save any money, they are less likely to save formally. Country-level factors also play a critical role. Tax-incentivized savings schemes are associated with an increase in formal saving and an increase in saving overall. Deposit insurance for e-money accounts is positively correlated with both saving any money and saving formally, particularly among low-income individuals. Conversely, a higher share of government-owned bank assets is associated with lower saving rates, and Muslim-majority countries exhibit significantly lower formal saving, likely due to religious constraints on interest-bearing accounts. Policy recommendations include expanding tax-incentivized savings schemes, extending deposit insurance to digital financial services, promoting financial literacy, encouraging wage payments into accounts, reassessing the role of state-owned banks, and, where relevant, supporting Sharia-compliant financial products. Targeted interventions for women and low-income groups are essential to closing persistent gaps in financial inclusion.","geographic_units":[{"name":"World","code":"WLD"}],"keywords":[{"name":"Financial Inclusion"},{"name":"Formal And Informal Savings"},{"name":"Global Findex"},{"name":"Gender Gaps"},{"name":"Low-Income Households"}],"topics":[{"id":"D14","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Household Saving \u2022 Personal Finance","parent_id":"D1"},{"id":" E21","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Consumption \u2022 Saving \u2022 Wealth","parent_id":"E2"},{"id":" G21","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Banks \u2022 Depository Institutions \u2022 Micro Finance Institutions \u2022 Mortgages","parent_id":"G2"},{"id":" O16","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Financial Markets \u2022 Saving and Capital Investment \u2022 Corporate Finance and Governance","parent_id":"O1"},{"id":" O16","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Financial Markets \u2022 Saving and Capital Investment \u2022 Corporate Finance and Governance","parent_id":"O1"},{"id":" I38","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Government Policy \u2022 Provision and Effects of Welfare Programs","parent_id":"I3"}],"output":[{"type":"Working Paper","description":"Policy Research Working Papers (PRWP)","title":"Formalizing Savings"}],"language":[{"name":"English","code":"EN"}],"disclaimer":"The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development\/The World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.","license":[{"name":"Modified BSD3","uri":"https:\/\/opensource.org\/license\/bsd-3-clause\/"}],"contacts":[{"name":"Dorothe Singer","affiliation":"World Bank","email":"dsinger@worldbank.org"},{"name":"Reproducibility WBG","affiliation":"World Bank","email":"reproducibility@worldbank.org"}],"datasets":[{"name":"Global Financial Inclusion (Global Findex) Database 2021","note":"Source: World Bank\nFilename: micro_world_139countries.dta","citation":"Development Research Group, Finance and Private Sector Development Unit. (2022). Global Financial Inclusion (Global Findex) Database 2021 [Data set]. World Bank, Development Data Group. https:\/\/doi.org\/10.48529\/JQ97-AJ70","uri":"https:\/\/doi.org\/10.48529\/jq97-aj70","license_uri":"https:\/\/microdata.worldbank.org\/terms-of-use#public_use","license":"Public Use Files (PUFs) ","access_type":"Data access requires human approval and is not included in the reproducibility package."},{"uri":"https:\/\/thedocs.worldbank.org\/en\/doc\/be6615202d1f08a25855c8ac2d615122-0050012025\/related\/GlobalFindexDatabase2025.dta","name":"Global Findex Database - Country-level data","note":"Source: World Bank\nFilename: DatabankWide.dta","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","license":"Commons Attribution 4.0 International License (CC BY 4.0)","access_type":"Data is publicly available and included in the reproducibility package.","citation":"World Bank. 2025. \"Global Findex Database - Country-level data [dataset],\" https:\/\/thedocs.worldbank.org\/en\/doc\/be6615202d1f08a25855c8ac2d615122-0050012025\/related\/GlobalFindexDatabase2025.dta, 2025-02-18."},{"name":"Global Financial Development Database","note":"Source: World Bank\nFilename: 20220909-global-financial-development-database.xlsx","access_type":"Data is publicly available and included in the reproducibility package.","license":"Commons Attribution 4.0 International License (CC BY 4.0)","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","uri":"https:\/\/www.worldbank.org\/en\/publication\/gfdr\/data\/global-financial-development-database","citation":"World Bank. 2022. \"Global Financial Development Database [dataset],\" https:\/\/www.worldbank.org\/en\/publication\/gfdr\/data\/global-financial-development-database, 2025-04-05."},{"name":"Global Financial Inclusion and Consumer Protection (FICP) Survey data","note":"Source: World Bank\nFilename: 2017_global_ficp_survey_respondent_data_dec2018.dta). ","access_type":"Data is publicly available and included in the reproducibility package.","license":"Commons Attribution 4.0 International License (CC BY 4.0)","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","uri":"https:\/\/www.worldbank.org\/en\/topic\/financialinclusion\/brief\/ficpsurvey","citation":"World Bank. 2017. \"Global Financial Inclusion and Consumer Protection (FICP) Survey data [dataset],\" https:\/\/www.worldbank.org\/en\/topic\/financialinclusion\/brief\/ficpsurvey, 2025-03-17."},{"name":"Global Payment Systems Survey (GPSS) 2021","note":"Source: World Bank\nFilename: GPSS_2021.xlsx","uri":"https:\/\/www.worldbank.org\/en\/topic\/financialinclusion\/brief\/gpss","access_type":"Data is publicly available and included in the reproducibility package.","license":"Commons Attribution 4.0 International License (CC BY 4.0)","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","citation":"World Bank. 2021. \"Global Payment Systems Survey (GPSS) 2021 [dataset],\" https:\/\/www.worldbank.org\/en\/topic\/financialinclusion\/brief\/gpss, 2025-03-17."},{"uri":"https:\/\/www.pewresearch.org\/religion\/feature\/religious-composition-by-country-2010-2020\/","name":"Religious Composition by Country, 2010-2020","note":"Source: Pew Research Center\nFilename: Religious_Composition_by_Country_2010-2050.xlsx\n","access_type":"Data is publicly available and included in the reproducibility package.","citation":"Hackett, Conrad, Marcin Stonawski, Yunping Tong, Stephanie Kramer, Anne Fengyan Shi and Nick Zanetti. 2025. \u201cReligious Composition by Country, 2010-2020.\u201d Pew Research Center. doi: 10.58094\/5shf-2d69.","license_uri":"https:\/\/www.pewresearch.org\/about\/terms-and-conditions\/","license":"Custom license"},{"access_type":"Data is publicly available and included in the reproducibility package.","citation":"World Bank. 2015. \"World Development Indicators\" [Data set]. Indicator accessed: GDP per capita , US$.  Accessed in January 2026. https:\/\/databank.worldbank.org\/source\/world-development-indicators","license_uri":"https:\/\/www.worldbank.org\/en\/about\/legal\/terms-of-use-for-datasets","license":"Creative Commons Attribution 4.0 International License (CC BY 4.0)","uri":"https:\/\/databank.worldbank.org\/source\/world-development-indicators","note":"Source: World Bank\nFilename: GDPpc_2020.dta","name":"World Development Indicators"},{"uri":"https:\/\/datacatalogfiles.worldbank.org\/ddh-published\/0038632\/DR0047737\/2021_04_26_brss-public-release.xlsx","name":"Bank Regulation and Supervision Survey data","note":"Source: World Bank\nFilename: 2021_04_26_brss-public-release.xlsx","access_type":"Data is publicly available and included in the reproducibility package.","license":"Creative Commons Attribution 4.0","license_uri":"https:\/\/datacatalog.worldbank.org\/int\/public-licenses?fragment=cc","citation":"World Bank. 2021. \"Bank Regulation and Supervision Survey [dataset],\" https:\/\/datacatalogfiles.worldbank.org\/ddh-published\/0038632\/DR0047737\/2021_04_26_brss-public-release.xlsx, 2025-04-05."}],"reproduction_instructions":"To reproduce the findings in this package:\n- Download the data files that are not included in the reproducibility package. See the README for details, and place the files in the appropriate folders.\n- Open the `main.do` file and update the file paths in line 3 to reflect your local directory structure.\n- Run the do-file. This will generate all tables and figures in their respective output folders.\nSince not all data is included in the package, we have provided the outputs from the replicator\u2019s run of the code. These outputs are included so users can review the figures and compare them with those published in the paper.\n","technology_requirements":"Runtime: 5 minutes","technology_environment":"Paper exhibits were reproduced on a computer with the following specifications:\n\u2022 OS: Windows 11 Enterprise\n\u2022 Processor: Intel(R) Xeon(R) Gold 6226R CPU @ 2.90GHz\n\u2022 Memory available: 16.0 GB\n\u2022 Software version: Stata 19 MP"},"tags":[{"tag":"DOI"},{"tag":"Open Code"},{"tag":"Open Data"}],"schematype":"script"}