The government backed watchdog Consumer Focus has published a new report assessing why nearly one million adults in the UK do not have a bank account . The On the Margins report examines the cash economy, and seeks to expose any barriers preventing consumers from holding a bank account . The study is intended to inform the governments modification of mainstream banking, and cites existing debts and language problems as two of the major barriers to these adults holding bank accounts .
Consumer Focus claims that those without bank accounts miss out on a range of benefits, as they may not purchase goods over the internet, and cannot set up direct debits to pay for bills. It may also be difficult for these people to receive money, as only 2 per cent of employees are expected to pay employees in cash by 2018.
The report suggests expanding the prevalence of Post Office Card Accounts, which currently offers an alternative form of current account allowing claimants to withdraw their benefits by card. The British Bankers Association (BBA) has, however, noted that not everyone wants a bank account.
Bank Accounts Far From Universal According to New Report
Financial Services > e-banking > Banking news
Bank Accounts Far From Universal According to New Report
Fri, 11 Jun 2010
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