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Financial exclusion hits four million Brits

One in eight Britons is classified as financially excluded, according to latest statistics, meaning that they do not engage with basic financial services.University of St Andrews' researcher Professor John Wilson is calling on banks to disclose information which will help to explain why certain people are reluctant or unable to access banking services.Professor Wilson said: "Financial exclusion now affects over four million people in the UK, over eight per cent of the population. We cannot afford to be blase about these figures and dismiss those outside our cosy world of internet banking, multiple credit cards and interest-free loans as work-shy or financially illiterate."Although much is currently being done to combat financial exclusion and improve access to basic financial services by central and local government, banks and credit unions and other community groups, a greater sense of urgency is still needed."People with no credit history are likely to incur problems opening a bank account, which can in turn lead to difficulties getting a job.

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