Reasons for Not Having Bank Account

(Multiple Response Question)

"There are many reasons why people don't have a Bank Account. I am going to read to you a list of reasons that some people have mentioned and I would like you to tell me which reason(s) are true for you."

No. of Records %/Total
I do not know enough about banks3,73413.24
I do not know enough about bank accounts3,11711.05
An account would bring me no advantages / would not help me2,84110.07
I do not have enough money to put on an account1,7966.37
I do not trust financial institutions very much1,2584.46
Financial institutions are not made for people like me / financial institutions are for rich people1,1494.07
There is no bank near my place8663.07
The process of opening an account is too complicated for me7872.79
Financial institutions do not reward the money you entrust them with well enough / my present methods of saving/investing money bring better rewards7632.71
Fee charged by the back to open an account is too high7402.62
I cannot afford to bring the money needed to open an account (minimum opening deposit)6892.44
I do not know what I can do with a bank account6822.42
There is too much corruption (e.g. bribes)5712.02
It is difficult / cumbersome to withdraw the money you put on an account5652
I don't know how to open an account5642
I cannot afford to leave the minimum balance to be left on the account5541.96
Services are too distant from my home / it costs too much to reach the points of services4901.74
Payment and receiving of interest stops me from opening an account4761.69
I prefer keeping / putting my money elsewhere because it is easier4431.57
I do not know where to go to open an account4421.57
I do not know what the bank is going to do with my money4381.55
I do not understand enough about what one can do with a bank4361.55
I am not educated enough to use a bank account4351.54
I don't have the self-confidence to walk into a bank / I fear to push the door of a bank4131.46
I do not know how to handle a bank account3881.38
I prefer dealing in cash because it is easier3681.3
I don't have a reference for the bank / I know nobody at the bank3591.27
The bank will not give me a loan so why should I open a bank3191.13
Others25118.9
(N)28,194100%

*Horus - Gallup Pakistan - Access to Finance Survey 2015