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positive relationships in different forms and scope of cooperation or relationship length,
including having transaction accounts and savings accounts (Puri et al., 2011).
The next area and very important elements of financial inclusion are savings. The increasing of
savings has a great importance for maintaining the economic growth and development. There
are wide range of possibilities of savings at the financial markets and savings makes it possible
to collect money for other forms of participating in a financial market (financial inclusion).
Today’s savings are future investments. But saving money is not easy.
People save money for different reasons, to improve their condition in the future by investing
into higher earning assets, to ensure against various income risk (Morduch, 2006), to deal with
unforeseen problems in the future, to start or expand a business ventures and many others.
These reasons may refer to both individuals and business. But it should be underlined, that
money may be saved not only using the financial instruments offered through formal financial
institutions. Money may also be saved by putting it in the custody of pawnbrokers or other
entities. It should be mentioned, that the special kind of savings (especially in business) may be
different forms of investments. In such situation the concept of savings cannot be defined
unequivocally and may be interpreted in different ways. The most important differences
between the concept of savings and investing take into account the following criteria: level of
risk (savings are less risky than investments), purposes (savings have more often precisely
defined goal, investments purpose is just earning money).
The crucial role of women in savings is underlined in literature. Women play an important role
in the household as money managers. Every day they have to juggle of the money to reconcile
the needs with limited financial resources. Despite this, although their incomes are often low
and unpredictable, they manage to save on average 10 to 15 percent of their income.
(Women's and World Banking, 2013), Their micro-savings serves as effective financial inclusion
interventions, enabling poor people, and especially women, to engage in meaningful economic
opportunities especially in low- and middle-income countries (Stweard et al., 2012).
Savings of households and business are integral and very significant part of the economic
system. They are called as "the private part" of national savings and the level of national
savings closely correlates with the level of investments in national economy. Therefore, the
existence of savings increases the possibility of the future development of economy. The level
of national savings determines the degree of dependency on foreign capital and it influences
stability of the country. This, in the long run could contribute to economic growth and
development (Surina, 2007).
Considering the money management it is necessary to mention about borrowing money.
People borrow money from the banks, from private lenders, from friends and family. Taking
into account the financial inclusion concept, the most important are banks loans and credits.
But borrowing money in formal financial institutions is often subject to many conditions that a
potential creditor must satisfy. It means that credit is not available to all. In such circumstances
the problem of borrowing money boils down to a limited access to credits.
There is much research conducted on financial inclusion in business. The most often the subject
of research are medium and small enterprises (MSEs). They are more likely than large firms to
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