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In addition to

In addition to understanding how often respondents used their financial tools, it is important to understand how they used these tools within their various financial networks (Figure 45). Again, due to the limited use of insurance, it was excluded from this discussion. The data show that the respondents in our sample had a strong aversion to using financial tools provided by formal financial service providers (FSPs). If respondents did use a formal FSP, they were most likely to use it for saving; nevertheless, they only reported conducting eight percent of their savings transactions with a formal FSP. Respondents, instead, greatly preferred to save at home. As can be expected, friends and family were responsible for a vast majority of the cash transfers. For loans, respondents relied mostly on informal FSPs, though they also greatly relied on friends and family. Figure 45: Financial Network Use by Financial Tool Due to the obvious relationship between cash transfers and family and friends, we excluded them from the following discussion to avoid repetition. A look at how men and women used savings and loans reveals slight differences in their behaviors. Men, for example, were more likely to take out a loan from friends and family than women were, and women were more likely to take out a loan from an informal source than men were. As for savings, both genders greatly preferred saving at home. However, men were more likely to use formal savings than women were. This is due to the greater representation of men in the formal employment sector, which often required them to open and use a bank account in order to receive their salaries. Women, on the other hand, were more likely than men were to conduct savings transactions with informal networks like chilimbas and savings groups. Go To Menu 63

Figure 46: Financial Network Use by Financial Tool and Gender In Copperbelt and Western Provinces, respondents used friends and family most often when they needed to take out a loan, and in Eastern and Lusaka Provinces, respondents chose to use informal service providers when they needed a loan. Respondents in Copperbelt Province were more likely than the other provinces’ respondents were to use formal FSPs for their savings transactions. Again, this is due to a high representation of formally employed workers who used bank accounts in order to receive their salaries. Figure 47: Financial Network Use by Financial Tool and Province 64 Go To Menu

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