The Salvadoran government has witnessed a remarkable increase in the number of savings accounts opened, according to data provided by the Superintendencia del Sistema Financiero (SSF) and the Council of National Financial Inclusion and Education (CNIEF). This surge in savings accounts is attributed to simplified requirements and a push for responsible financial management.
In 2019, El Salvador had fewer than 30,000 savings accounts. Fast forward to September 2023, and the numbers are staggering. A total of 298,641 savings accounts with simplified requirements have been registered, marking an astonishing growth of 268,993 new accounts compared to the mere 29,468 existing in 2019.
This remarkable change in financial behavior was celebrated during the launch of “Savings Month 2023,” organized by the CNIEF. The council unveiled the “Si ahorras, avanzas” (If you save, you progress) campaign, emphasizing the importance of instilling responsible personal finance practices for the betterment of families and securing a brighter future.
The Superintendencia del Sistema Financiero attributes this growth to the certainty provided by President Nayib Bukele’s government. The statistics from the SSF reveal a robust upward trend in savings accounts over the years, with numbers steadily climbing from 29,468 in 2019, 93,976 in 2020, 133,075 in 2021, 184,489 in 2022, to the impressive 298,641 as of September 2023.
Douglas Rodríguez, President of the Banco Central de Reserva (BCR), emphasized the significance of “encouraging savings in all its forms, particularly from a young age, recognizing that responsible financial decisions are crucial in all aspects of life.”
Despite the impressive growth in this financial indicator, the BCR President noted that data from the 2022 National Financial Capabilities Survey indicates that only 39% of Salvadorans save within the financial system. He believes that there is still much work to be done to promote a culture of saving.
In addition to the surge in savings accounts, the SSF reported a notable increase in bank deposits, reaching $18,737 million by the end of September this year. “The year-on-year growth in bank deposits, cooperative banks, and savings and credit unions reached $1,082.6 million by the end of September,” the regulatory body announced through social media. This increase represents a 6.3% rise from the same period in 2022 when the total amounted to $17,291.06 million.
El Salvador’s financial landscape is evolving rapidly, with more people recognizing the benefits of saving and making responsible financial decisions. The government’s efforts and the “Si ahorras, avanzas” campaign are proving effective in fostering a culture of financial responsibility and securing a more prosperous future for Salvadoran families.