Financial inclusion policies in developing countries often promote account ownership to build resilience, yet the behavioural mechanisms underpinning this link remain underexplored. This study aims to examine whether formal saving behaviour mediates the relationship between account ownership and financial resilience. It argues that access alone is insufficient unless individuals actively engage with their accounts.
The analysis uses individual-level data from the 2021 Global Findex Survey of Indonesian adults. Financial resilience is captured through three subjective indicators: access to emergency funds, confidence in covering medical costsand ability to cope with COVID-related financial hardship. Probit regressions estimate the association between account ownership and financial resilience, controlling for demographic factors. Structural equation modelling is used to test the mediating role of saving, validated by Sobel and Monte Carlo tests.
Account ownership is positively associated with access to emergency funds and confidence in covering medical expenses. Mediation analysis shows that saving partially explains the effect on emergency funds and fully explains the effect on medical cost confidence. For COVID-related hardship, saving fully mediates the relationship, indicating that account ownership enhances resilience only when it fosters saving.
This study highlights saving behaviour as a key behavioural pathway linking account ownership to financial resilience. It adds a behavioural economics perspective to financial inclusion research and offers actionable insights for designing user-centred financial services, particularly for underserved populations in emerging markets.
