No bank account for 1m Brits

Thursday, June 10th 2010

Almost a million Britons may be vulnerable and plagued by money worries, according to the findings of a new report.

The study, carried out by Consumer Focus, concludes that is the amount of people currently living without a bank account and dealing only in cash.

It also means such consumers miss out on a host of benefits that many others take for granted.

The organisation is calling for the coalition government to help people without basic finance facilities, who it believes are "pushed to the edges of the economy".

Mike O'Connor, chief executive of Consumer Focus, says: "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."

He adds the proposals to reform banking will do little to help those in such a situation.

Britain's money troubles were illustrated by this month's Credit Action report, which showed the average personal debt is more than £30,000.