This situation is reversed in Trinidad and Tobago, where young adults are as likely as older adults to have an account. In many Caribbean countries with the deepening of the financial sector, more financial services, especially credit, is now provided to individuals and enterprises.
If one compares the ratio of private sector credit to GDP – a main indicator of financial depth – to the indicators of account penetration, it shows a positive but imperfect relationship. In other words, Caribbean financial systems can become deep without delivering access to all. I believe that we should all reflect on this cautionary note.