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Financial Services and the Informal Economy

  • Cally Ardington

    ()

    (SALDRU, School of Economics, University of Cape Town)

  • Murray Leibbrandt

    ()

    (SALDRU, School of Economics, University of Cape Town)

This paper examines the impact of formality of employment on the utilisation of financial services, using data from the October 2000 Income and Expenditure Survey and the September 2000 Labour Force Survey. The presence of an employed member in the household is seen to be important for the utilisation of both bank accounts and funeral insurance, even after controlling for income. Furthermore there are strong links between the nature of this employment and utilisation of financial services. Employees are more likely to utilise financial services than the self-employed. Among employees, the probability of utilising financial services increases with the degree of formality of employment. These effects are stronger for formal banking services than for funeral insurance which includes informal burial societies.

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Paper provided by Southern Africa Labour and Development Research Unit, University of Cape Town in its series SALDRU/CSSR Working Papers with number 066.

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Date of creation: 2004
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Handle: RePEc:ldr:cssrwp:066
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  1. H. Bhorat, 1999. "The October Household Survey, Unemployment and the Informal Sector: A Note," South African Journal of Economics, Economic Society of South Africa, vol. 67(2), pages 143-146, 06.
  2. Holzmann, Robert & Jorgensen, Steen, 1999. "Social protection as social risk management : conceptual underpinnings for the social protection sector strategy paper," Social Protection Discussion Papers 20119, The World Bank.
  3. Cally Ardington & David Lam & Murray Leibbrandt & James Levinsohn, 2004. "Savings, Insurance And Debt Over The Post-Apartheid Period: A Review Of Recent Research," South African Journal of Economics, Economic Society of South Africa, vol. 72(3), pages 604-640, 09.
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