The bar graph below provides a comparison between OECD, LAC and Colombian participation in

formal finance in 2017. It gives information about the percentage of people over 15 who have
borrowed from a financial institution, own a debit/credit card, have received government
transfers or have saved at a financial institution.

Broadly, people on the OECD participate more in formal finance than people in the other two
groupings. Comparatively, owning a debit card is the most common form of participation in formal
finances for each of the three groups studied. On the other hand, receiving government transfers
into an account is the way in which the least percentage of people participate in formal finance for
all the countries.

In terms of owning a card, the OECD is the one who have the significant majority, having roughly
85% of people in their countries possessing this debit card and almost 55% of people using a credit
card. In the other hand, only a small fraction of Colombian people uses either a debit or a credit
card.

According to the chart, less than 10% of Colombian population decide to save at a financial
institution comparing to almost 15% of people borrowing from it. Furthermore, less than 15% of
people on the LAC have neither received government transfers, save at a financial institution or
borrow from it.