51 Financial Landscape As per recent research less than 20% of the population in Myanmar has access to formal financial services1. Allegations against banks for money laundering surfaced in 2003, along with other crises in banking and co-operative sectors, resulting in an erosion of public trust in formal saving products 2. In the present study also, out of the 122 MEs interviewed only three had bank accounts. Most of them did not intend to open a bank account because they either found it tedious to go and deposit money in the bank or thought that it was not mandatory to save money in the bank daily while in group savings it was necessary to pay daily. “It is a must to give daily in a group as someone comes and collects money while I might not go everyday to deposit money in the bank” He also felt that money could not be withdrawn immediately at the time of need from the bank. “I cannot withdraw money from the bank at the time I want.” 4.2 SAVING PRACTICES IN MYANMAR Myanmar’s savings landscape, as observed and informed by the MEs was dominated by informal mechanisms. As mentioned earlier, only three MEs had saved in banks as most of the MEs did not trust banks and expressed fear of losing money. Mya (Tailor, Mandalay) saved money with herself She did not trust the banks as she feared that they will shut down and she will lose her money. Also, it was a common perception that any kind of bank interaction involved a lot of time so MEs avoided going to the bank and preferred saving either at home, with friends or in a peer groups. Angelina’s bamboo stick where she saves money 4.2.1 HOME SAVING PRACTICES Most of the MEs from all five locations saved money at home in a safe box (which was made of either wood, zinc, tin or clay pots) or in a bamboo stick as they did not trust group savings and banks and found it easier to save at home. Lily (coconut coir rope maker, Mawlamyine) saved money at home for monsoons. “On the days I have a chance to sell 20 or 30 packed of the ropes, I earn about MMK 20,000 ($20). At that time, I have to save extra money for the rainy days. Just like this way, we have to run our financial affairs in life.” 1 LIFT. (2012). Baseline Survey Results. Yangon: LIFT. Downloaded from the websitehttp://lift-fund.org/lift-in-action/ content/liftbaseline-survey-results-2012 2 ibid Safe box used by Kyi the slipper keeper in a Pagoda in Mandalay