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One million miss out on bank account benefits

One million miss out on bank account benefits

Category: Banking

Updated: 11/06/2010
First Published: 11/06/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Almost one million adults in the UK do not have a bank account, according to new research from a government-backed watchdog.

As the new Government launches a reform of mainstream banking, a report from Consumer Research found a number of the most vulnerable members of society have been left behind by the banking sector.

By not having a bank account, people miss out on many benefits which most of us take for granted.

They pay more by not being able to use direct debit for household bills or the internet to buy goods and services.

They miss out on safer money management and convenient ATM cash access.

They will find it difficult to access mainstream credit, insurance or to save effectively.

Increasingly they will find it difficult to be paid for work - it is estimated that by 2018 only two per cent of employees will be paid in cash.

"Banks are not charitable institutions, but they are a necessary gateway to the benefits of an increasingly online and cashless economy," said Mike O'Connor CBE, chief executive of Consumer Focus.

"Life without a bank account can cost time, money and convenience. It is another stark reminder that those with less often end up paying more."

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