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Two million adults live without bank accounts


Almost two million UK adults do not have a bank account, according to the Financial Inclusion Commission.

People without a bank account run the risk of being disconnected from the “financial mains” and face extra costs of £1,300 a year, as well as less choice of goods and services, according to the Financial Inclusion Commission.

Two thirds of people without a bank account did have one in the past but ran into debt problems or had bad experiences with banks, so their accounts were closed. The move to a digital banking service has also left some people further excluded from the financial world, weather they have a bank account or not.

The Commission also discovered that fewer than half of households in the UK are currently saving money and 3 million people did not have enough savings to support them for a month, if they had a 25% cut in income.

The Financial Inclusion Commission is made up of politicians, representatives from the financial sector and charities, and aims to build awareness of financial exclusion ahead of the UKs general election. It believes that the next government should appoint a financial health minister.

Sir Sherard Cowper-Coles, chairman of the commission, said:
"Our vision is for everyone to enjoy decent financial health in the UK.
"That means every adult is connected to the banking system, has access to affordable credit, is encouraged to save, has the right insurance at the right price, and access to objective financial services advice."

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