Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan, in collaboration with the Asian Development Bank (ADB), has conducted a large-scale study aimed at assessing the level of financial inclusion and literacy among the population.

The survey covered 1,200 individuals across six regions of the country—from Karakalpakstan to Tashkent. Additionally, in-depth focus group interviews were held with 198 participants, including women, youth, and rural residents.

The main goal of the study was not merely to collect statistics, but to understand how the country’s financial system actually functions in people’s daily lives and how accessible its tools—ranging from ATMs to mobile apps—are. What is often celebrated in upbeat reports at conferences was tested in the field.

From an infrastructure perspective, Uzbekistan has reached one of the leading positions in the CIS in recent years. The number of access points to financial services has increased by nearly 20% over the past five years.

In the capital, 94% of the population has internet access, compared to 71% in rural areas. Despite the gap, the difference is no longer seen as critical. However, the mere presence of ATMs and terminals does not always translate into actual usability: many people either do not know how to use them or see no real benefit in doing so.

One of the key indicators is savings. Over the past year, 39% of respondents were unable to save any money. In Karakalpakstan, this figure reaches 54%; among the unemployed, it stands at 52%; and among youth, 47%. However, the picture changes when individuals have jobs or education: among those with higher education, only 27% do not save, while among those who completed only 8th or 9th grade, the figure is 53%. In other words, even minimal stability allows for the creation of a financial safety net.

Regarding borrowing, about 30% of respondents reported borrowing money over the past year, but only 12% turned to banks. The majority still rely on friends and family—not out of distrust, but due to the complexity of bank procedures. Nevertheless, among working and educated individuals, formal credit is gradually becoming the norm. Among the employed, 28% have taken out a bank loan, while 19% of those with higher education have done so. This suggests that the system is functioning, but largely within a specific segment of the population.

Pensioners and the unemployed remain almost entirely excluded from formal credit services—only 5% and 7%, respectively, have used bank loans. The issue lies not so much with the individuals themselves, but with the criteria of the banking system, which often does not consider them reliable borrowers.

Money transfers play a significant role in the lives of many. More than half of respondents regularly receive funds from relatives or close contacts: 39% on a monthly basis and another 12% every two months. While most transfers are received via bank cards, 84% of recipients immediately cash out the money. The preference for cash remains strong and is unlikely to change in the near future. However, it is worth noting that 77% of recipients try to save at least part of the transferred funds—not as part of a long-term strategy, but as a buffer against life’s uncertainties.

The study also revealed significant gaps in financial literacy. Although 59% of respondents have a bank account, only 7.4% actually use it for savings. Nearly half of those surveyed do not use passwords to protect their financial apps, and in southern regions, many are unaware of what to do if they lose a bank card. This does not necessarily reflect carelessness, but rather a lack of basic knowledge, trust in the system, and experience using it.

The key conclusion of the report: Uzbekistan’s financial system is no longer alien to its citizens, but it has not yet become fully familiar. Progress is underway—uneven and not always according to plan—but the forward movement is evident. The pace at which the system becomes accessible and understandable to all will depend on how closely regulators and banks listen to these findings.