IRAQ'S

FINANCIAL
LANDSCAPE
An Overview

May 2023
FINANCIAL
BEHAVIOR

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Iraqis Sources Of Income

Top Sources

22% 20% 19% 17%

Employment Allowance Vocational Work Private

Salary (Owner) Business

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Methods Of Receiving Income

88% 12% 1%

Cash ATM Card Bank Transfer

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How Iraqis Spend Their Income

Top Items

26% 19% 11% 10% 9%

Groceries Household Healthcare Leisure Clothing/

Utilities Activities Accessories

8% 6% 6% 5%

Transportation Telecom Personal Care Hobbies

products

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Attitude Towards Dealing With Finances

Attitude Towards Dealing With Finances - By Demographics

80% 79% 78%

75% 75% 75% 77% 76% 77%
68%

76%

Of Iraqis Deal With

55+

AB

C
Female

DE
18-24

25-34

35-44

45-54

Male
Their Finances Like
Their Parents Did
With Theirs
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Saving Behavior

Saving Behavior - By Demographics

81%

62%
56%
51% 51%
48% 48% 48%

48%
44%
41%

Of Iraqis Save

55+

AB

C
Female

DE
18-24

25-34

35-44

45-54

Male
Their Money On
A Monthly Basis

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Debt & Borrowing Behavior

Debt - By Demographics

17%
21% 23%
19% 18% 19%
16% 14% 16%
13%
7%

55+

Female

AB

DE
18-24

25-34

35-44

45-54

Male
Of Iraqis Are
In Debt

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Where The Money Is Saved/ Borrowed From

Iraqis Save Money Through: Iraqis Are In Debt To:

8% Banks 19% Financial

Institutions

92% Other 81% Other

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BANKED
POPULATION
OVERVIEW

10 ‒ © Ipsos | Iraq's Financial Landscape – An Overview

Bank Account Ownership

Bank Account Ownership - By Demographics

29% 29%

19%
25%
20% 20% 20% 22%
18%
13% 12%

55+

Female

AB

DE
18-24

25-34

35-44

45-54

Male
Of Iraqis Own
A Bank Account

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Reasons For Owning A Bank Account

Top Reasons

47% 37% 8% 8%

To Receive Localization To Gain Interest For Easier And

Income Account On Deposits Safer Transfers

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Reasons For Owning A Bank Account

By Demographics

To Receive My Income Localization Account To Gain Interest On Deposits For Easier And Safer Transfers

Total 47% 37% 8% 8%

18-24 24% 53% 5% 4%

25-34 37% 36% 13% 10%
35-44 52% 32% 5% 8%
45-54 50% 39% 6% 7%
55+ 57% 35% 8% 8%

Male 45% 37% 8% 9%

Female 47% 39% 7% 6%

AB 59% 18% 8% 13%

C 39% 45% 10% 9%
DE 51% 34% 6% 6%

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Types Of Bank Accounts Owned

58% 23% 13%

Salary Account Localization Savings Account

Account

5% 1%

Current Account Term Account

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Duration Of Account Ownership

14% 54% 19% 14%

Less Than 1- 3 Years 3- 6 Years 6+ Years

One Year

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UNBANKED
POPULATION
OVERVIEW

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Incidence Of Unbanked Individuals

Incidence Of Unbanked Individuals - By Demographics

87% 88%
80% 80% 82% 80% 78%
75%
71% 71%

81%

Of Iraqis Do Not Own

55+

AB

C
Female

DE
18-24

25-34

35-44

45-54

Male
A Bank Account

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Reasons For Not Owning A Bank Account

Top Reasons

71% 15% 13% 11%

Can’t Meet Minimum Don’t Trust Don’t Know Enough Don’t Need
Balance Requirements Banks About Banks A Bank Account

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Reasons For Not Owning A Bank Account

By Demographics

Can’t Meet Minimum Don’t Know Enough Don’t Need

Don’t Trust Banks
Balance Requirements About Banks A Bank Account

Total 71% 15% 13% 11%

18-24 75% 15% 18% 7%

25-34 67% 17% 13% 12%
35-44 71% 17% 7% 12%
45-54 69% 13% 8% 16%
55+ 69% 14% 13% 8%

Male 67% 16% 14% 11%

Female 75% 14% 12% 10%

AB 40% 22% 18% 30%

C 59% 22% 12% 15%
DE 78% 12% 14% 6%

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Future Intentions Of Opening A Bank Account

Future Intentions Of Opening A Bank Account - By Demographics

16%
21% 19% 21% 19%
15% 16% 17%
14%
11%
8%

55+

C
Female

AB

DE
18-24

25-34

35-44

45-54

Male
Of Non-bankers
Intend To Open
A Bank Account In
The Next 6 Months
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Methodology

Sample Size Sample Criteria Methodology Geographical

Coverage
1500 respondents The Survey Covered Males & The Survey Was Conducted
Females who are banked or Through Face-To-Face Iraq –
unbanked Interviews as part of the Nationwide
syndicated “Financial Coverage
Monitor” study conducted
by Ipsos in Iraq

21 ‒ © Ipsos | Iraq's Financial Landscape – An Overview

 Introducing Financial Monitor - Iraq

The First Syndicated Financial Attitudes Survey in Iraq That Assesses

Trends in the Financial Sector

Topics Covered:
Financial Monitor provides you with valuable insights on both Banked and Unbanked segments independently:

Perceptions Towards Banking & Digital

Customers’ Current Financial Habits
Services

Customers’ Current Financial Needs Barriers And Motivators For Customers’ Entry

Attitudes Towards Digital Financial Services Customers’ Information Sources For Financial
And Access Channels Services

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For More Information:
Hala Elfar
Senior Research Manager
Ipsos in Iraq
Email: [email protected]