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|INDICATOR 6: % adults actively using a financial service (formal and informal, including a mobile money service) in the past 12 months|
| Why this indicator? What will it measure and provide information for?
This indicator is relevant for financial inclusion programs/projects which aim to ensure equal access to and use of financial services. Access to financial services allows for a better planning of the economy and the ability to invest in business. It gives people a better opportunity to deal with fluctuating incomes and provides a safety net during difficult periods. Compared to VSLAs, it offers larger loans and savings opportunities. It also addresses some of the safety concerns attached to having large amounts of cash at home.
| What Sustainable Development Goal is the indicator connected to?
* SDG Goal 5
* SDG Goal 8
* SDG Goal 8.10.2 (green list, Nov 2015)
| Definitions and key terms
Financial services: Financial services are economic activities and services provided by the finance industry. This includes business, credit union, banking service, insurance, accountancy, stocks, and investments. The services include savings or deposit services, payment and transfer services, credit, and insurance. The relevant financial services will be context specific. Only financial services that are considered beneficial to women should be included.
Informal financial services: Informal financial services are those that are provided outside the structure of government regulation and supervision.
Formal financial services: Formal financial service are economic services provided by financial institutions regulated and supervised by government, semi-formal financial services are not regulated by banking authorities but are usually licensed and supervised by other government agencies.
| Data and information required to calculate the indicator
* Numerator: Number of people that have actively used a financial service over the past 12 months
* Denominator: total number of people surveyed
| Suggested method for data collection
* The relevant financial services to be measured should be discussed and agreed to by representatives of the impact group. It is important to exclude financial services that are considered negative or exploitative. This could be part of a gender analysis.
* The information should be collected from a representative sample of the impact group.
* The data should be collected at baseline, then followed up annually (but will depend on the country context).
* Qualitative methods like FGDs and KIIs should supplement the quantitative data collection to provide a better understanding of barriers and potential negative consequences of inclusion in financial services.
| Possible data sources
Annual survey data collected by CARE or CARE partner
| Resources needed for data collection
The quantitative and qualitative data collection, storage and analysis should be conducted by CARE and partners. Partners may include research / university partners. Data collection needs to be included in the monitoring and evaluation plan and budgeted for.
| Reporting results for this indicator: number of people for which the change happened
* Reporting Purpose: þBaseline þProgress þ Evaluation
* Proportion changes in the number of project participants actively using at least one formal or informal financial service:
* Numerator: Number women, men, girls and boys actively using a least one formal or informal financial service
* Denominator: Number of women, men, girls and boys supported by the project
| Questions for guiding the analysis and interpretation of data (explaining the how and why the change happened, and how CARE contributed to the change)
* What is the number of project participants (women, men, girls and boys) who actively use informal financial services?
* What is the number of project participants (women, men, girls and boys) who actively use formal financial services?
* What contributed to the change in the active use of informal financial services by (women, men, girls and boys)?
* What contributed to the change in the active use of formal financial services by (women, men, girls and boys)?
* Has the overall accessibility (independent of CARE) of informal and formal financial services increased in the same period for women, men, girls and boys?
* What are the types of financial services that have seen a noticeable increase or decrease in use for women, men, girls and boys?
* From the qualitative data: What are barriers for women’s and adolescent girls’ use of financial services?
* Are there any negative consequences of using financial service for women and adolescent girls?
* What are the recommendations from women and youth (girls and boys) on the utilization of formal and informal financial services?
| Other considerations
* If available, data on loan repayment rates or on loan delinquency rate for women should be added to the data analysis as it sheds light on the appropriateness of the levels of the loans.
* If available, data on opportunities available to women due to an improvement in their access to financial services should be added to the data analysis
* The appropriateness of the products in the market could also be considered.
* Avoid leading questions when planning and conducting data analysis.