“Urgent action” is required to reduce the number of people in the UK for whom bank accounts, low-interest loans and credit cards are difficult or impossible to access, according to the University of St Andrews’ Professor John Wilson.
“Financial exclusion now affects over four million people in the UK, over eight per cent of the population,” comments the personal finance expert.
“This, unfortunately, puts the UK some way behind the likes of France, Germany and Canada in per capita access to banking facilities.”
Professor Wilson went on to suggest that if the largest banking groups in the UK were serious about tackling the problems relating to financial exclusion they would be able to do so.
Meanwhile, six million British adults opted to take a debt consolidation loan during the last ten years, according to figures from the MoneyExpert.