If we take a closer look at who is saving, we see that a large share of global savings is concentrated among the richest households in the U.S., China, and Japan. In countries like China, households have increased their demand for financial assets. Understandably, the incentive to self-insure has increased, as the Chinese have become wealthier and expect to live longer.
It is this haptic nature of cash, which, in my view, is an important element of strengthening financial inclusion. • Ensuring access to cash may be particularly relevant in rural areas with insufficient banking or technological infrastructures. Cash is, in that sense, also a means of safeguarding social cohesion. Second, independence from technological ecosystems.