TASHKENT — The majority of Uzbekistan's population keeps savings in cash rather than in banks, according to joint research by the Central Bank and the Asian Development Bank (ADB).
A survey of 1,200 respondents conducted under the "National Strategy for Improving Financial Services Accessibility" revealed:
|
Indicator |
Value |
|---|---|
|
Formal savings rate |
7% (6% — current accounts, 1.4% — savings accounts) |
|
Growth since 2021 |
from 2.6% to 7% (nearly tripled) |
|
Aware of deposit services |
73% |
|
Actually use deposits |
6% |
|
Never opened a bank account |
39% |
Experts attribute the preference for cash to the desire for quick and easy access to funds.
Savings habits vary by region, education level, and employment status:
- In Tashkent and among university-educated individuals, lack of savings is less common;
- In the northwestern and central regions with lower education levels, the share of non-savers is higher;
- 26% of students, 32% of employed individuals, and 46% of pensioners report needing additional funds;
- Only 6% of the population has dedicated retirement savings (13% in Tashkent, 4% in the northwest).
Digital payments grow, e-commerce lags:
- Digital payments: 72% of respondents used them in 2025 (up from 39% in 2021); Tashkent leads at 84%;
- Online shopping: only 13% make regular online purchases, often preferring cash-on-delivery;
- Cash-only users: 21% of the population consider cash the most familiar payment method.
The study's authors emphasize that expanding financial inclusion requires building trust in banks, strengthening financial literacy, and further developing digital payment infrastructure.
CentralasianLIGHT.org
March 17, 2026