Reasons for Not Saving at a Financial Institution

(Multiple Response Question)

"Financial institutions like banks and insurance companies are offering possibilities to save money. You are NOT depositing money with a financial institution to build up a reserve for future expenses. Why?"

No. of Records %/Total
No response1,68213.43
I do not know enough about bank accounts1,27310.16
I do not know enough about financial institutions1,2149.69
An account would bring me no advantages / would not help me1,2009.58
I do not trust financial institutions very much9217.35
I do not know what I can do with a bank account6635.29
The process of opening an account is too complicated for me5654.51
Financial institutions are not made for people like me / financial institutions are for rich people4133.3
I prefer dealing in cash because it is easier3462.76
Bank branches are too distant from my home / it costs too much to reach the branch2852.28
I don't know how to open an account2822.25
There is no financial institution near my place2672.13
Recurrent fixed fees charged by the financial institution are too high2592.07
I do not know where to go to open an account2532.02
I do not have enough money to put on an account2522.01
I do not understand enough about what one can do with a bank account1901.52
I cannot afford to leave the minimum balance to be left on t1791.43
I prefer keeping/putting my money elsewhere because it is easier1751.4
I don't have the self-confidence to walk into a bank / I fear to push the door of a bank1671.33
It is difficult/cumbersome to withdraw the money you put on an account1531.22
I do not know what the bank / the mobile wallet operator is going to do with my money1471.17
I do not know how to handle a bank account1381.1
There is too much corruption (e.g. bribes)1281.02
I cannot afford to bring the money needed to open an account (minimum opening deposit)1271.01

*Horus - Gallup Pakistan - Access to Finance Survey 2015