One in four people have no bank account report shows

A shock report has revealed that around 25% of people in Northern Ireland do not have a bank account.

The finding was revealed in 'Short Changed', a new report launched today by the General Consumer Council.

The report showed that not only do nearly twice as many people lack a bank account compared with the rest of the UK, but banks are also closing local branches. There are now 10% fewer branches than in 1996.

The council also stated its concern that those without a bank account contributed to "poverty and financial exclusion".

Commenting on the report, Maeve Bell, Director of the General Consumer Council, said: “This report shows that poor consumers are at risk of becoming even poorer. They have less money to begin with, but they end up paying more for goods and services. We all need to work together to make banking easy, affordable and accessible for all of Northern Ireland’s consumers."

The 'Short Changed' survey – which is the fifth and final report in 'The Price of Being Poor' series published by the Council – also said that financial exclusion was a particular problem in Northern Ireland.

(MB)