Charting Financial Inclusion In The Visegrad Countries : A Comparative Cluster Analysis Of Global Findex Data (2017–2021)

Abstract

This study examines the improvement of financial inclusion in the Visegrad countries – Czech Republic, Hungary, Poland, and Slovakia – using World Bank Global Findex data for 2017 and 2021. We use hierarchical cluster analysis to identify patterns across key dimensions, including bank card ownership, savings, credit use, and digital service adoption. The findings indicate substantial progress from 2017 to 2021. While respondents in 2017 primarily relied on basic banking services, by 2021, near-universal bank card access was achieved alongside marked increases in digital transactions and remittance activity. Comparative analysis shows that Slovakia and the Czech Republic lead in financial integration, whereas Poland and Hungary lag. Socio-demographic factors, such as age, income, and employment, significantly influence financial inclusion, with younger, economically active groups more likely to embrace digital financial tools. These results offer critical insights for policymakers aiming to enhance inclusive financial growth in Central and Eastern Europe.