<p>This study investigates the impact of population structure on physical and digital financial inclusion in 52 countries from 2004 to 2023 after controlling for available fiscal resources, economic growth, inflation, financial literacy, institutional quality and mobile phone penetration. The population structure examined are the total population, male, female, rural, urban and the working population as well as the labour force participation rate and population growth rate. The data are analysed using the two-stage least squares regression estimation with instrumental variables and lagged dependent variables. The findings reveal a significant positive relationship between the older population and the level of physical and digital financial inclusion. There is a negative relationship between the working population and the level of digital financial inclusion. Institutional quality increases digital financial inclusion for the older population. Strong institutional quality constrains digital financial inclusion in a rapidly growing population. Institutional quality, economic growth and tax revenue are significant determinants of physical financial inclusion while financial literacy is a positive determinant of both physical and digital financial inclusion.</p>