Nearly 7 million Saudi citizens do not have bank accounts, including 4 million women, according to a new study conducted by the King Khalid Foundation.

According to the study, 72 percent of Saudis have effective accounts, compared to 28 percent without accounts, including 60 percent of women.

The study also found that 7 percent of Saudis avoid banks for ideological reasons, and that non-owners in remote areas are down to 21 percent.

The figures show that the gap in ownership of bank accounts was 22 percent for males, while the percentage of Saudi borrowers – mostly banks – was 31 percent.

For those without accounts, the study noted that the reason for 66 percent of Saudis was a lack of adequate funds, compared to 7 percent for ideological reasons, 8 percent who expressed a lack of confidence in banking transactions and 19 percent for other reasons.

Fewer than half – 44 percent – of Saudis are able to save, including 41 percent of women. Thirty percent of Saudis prefer saving away from banks.

A correlation was also found between education and the possession of bank accounts, with only 65 percent of primary school graduates having banking accounts.