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31% of those Pakistanis who save money in a committee primarily participate in order to prepare for unexpected events/social events.

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According to a survey conducted by Gallup Pakistan for State Bank of Pakistan, when asked the reasons for participating in a committee, 31% Pakistanis said that it was because of unexpected events/social events. These results are a part of the nationwide Access to Finance Study conducted by the State Bank of Pakistan in 2015 with the intent of determining the degree of financial inclusiveness of the Pakistani public (please refer to page # 4 for more details).

This press release is part of a special series that aim to foster an empirical understanding of financial inclusion in Pakistan and that hope to create a collaborative network of individuals working on the topic. This press release aims to unearth the reasons behind why Pakistanis contribute to a committee. Understanding the primary motivations of Pakistanis for participating in committees will enable people to understand why committees are preferred over formal financial institutions as a means to save money. Thus, this press release aims to provide stakeholders of finance in Pakistan with relevant information so that they can in turn formulate an accurate prognosis for increasing financial inclusivity in Pakistan.

A nationally representative sample of men and women from across the four provinces was asked, “For what reasons do you participate in a committee or in committees?” In response to this question, 31% Pakistanis said that they participated in committees in order to prepare for unexpected events or social events, 26% Pakistanis said they did so in order to buy household goods, 20% said that they contributed/participated in order to periodically save money, 14% said that they did so in order to raise money for weddings, 13% said that they did so just out of habit since they had been seeing their elders and relatives doing the same and 10% gave no response.

A gender breakdown of this result reveals that 36% men said that they were participating in committees in order to prepare for unexpected events/social events whereas the same response was given by 28% women. Furthermore, 20% men while 29% women stated that they did so in order to buy household goods. 25% men said that they were participating in order to save money periodically whereas the same response was given by 17% men. More women (15%) than men (13%) said that they were doing so in order to raise money for weddings. 11% men said that they were participating in committees out of habit since that is what they had seen the elders and relatives do the same. This same response was given by 14% women. Furthermore, 10% men and 9% women chose not to respond.

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