International Journal For Multidisciplinary Research

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India's Demographic Transition and Financial Inclusion: Age, Account Ownership and Digital Payment Use, 2011–2024

Author(s) Ms. Nisha Gupta Kalamkar
Country India
Abstract India is currently confronted with the dual challenge of benefitting from the demographic dividend while also experiencing the effects of population ageing. At the same time, this has implications for not only labor markets, social security, and health, but also financial services, in particular, their demand, supply, and use. This paper seeks to discuss the association between age and financial inclusion using selected findings from the secondary analysis of the Global Findex database performed for the years 2011, 2014, 2017, 2021, and 2024, supplemented with selected statistics from the United Nations and UNFPA. The paper focuses on three main areas: account ownership, age differential access to financial services, and transition from access to active use, with an emphasis on India as a country with a significant proportion of young people and an aging population. Between 2011 and 2024, India’s account ownership rate grew by 53.8% from 35.2% to 89.0%. Female account ownership grew at a faster rate than male account ownership, increasing by 57.8% from 26.5% to 89.2% and by 50.8% from 43.7% to 88.8%, respectively. However, India’s access to financial services does not equal its usage of these services; and while 68% of young people (aged 15-24) in India own an account compared to 82% of adults aged 25+, only 54% of India’s account owners made or received a digital payment in 2024. The paper recommends that India’s post-access financial inclusion agenda focus on products, financial literacy, active account usage, retirement savings, and consumer protection, among others, noting that demographic transition should also be viewed as a financial-services transition, necessitating distinct policies for youths, working-age adults, and retirees.
Keywords Keywords: demographic transition, financial inclusion, ageing, digital payments, account ownership, India, financial services, youth.
Published In Volume 8, Issue 5, September-October 2026
Published On 2026-09-12
DOI https://doi.org/10.36948/ijfmr.2026.v08i05.87603
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