By Sharon Collard, Elaine Kempson and Claire Whyley.Describes financial exclusion as 1.5 million households in Britain (7 per cent) that have no bank account and make no other use of other High Street financial services. It also includes 4.4 million households (20 per cent) that are on the margins of financial exclusion. Reveals the widespread mistrust of banks, insurance and credit companies and a high level of disengagement from high street financial services. Borrowing is a fact of life for residents whose limited access to credit included door-to-door moneylenders charging high rates of interest, as well as mail-order catalogues and the Benefits Agency’s Social Fund. The authors recommend that the financial needs of deprived communities are best met by a combination of national institutions maintaining a local presence, and a city-wide network of ‘one-stop shops’ run as partnerships by national providers and local organizations.
Published for the Joseph Rowntree Foundation by The Policy Press and available from Marston Book Services, PO Box 269, Abingdon, Oxon OX14 4YN (01235 465500) price 12 pounds 95p plus 2 pounds .50 p&p. A summary is available at www.jrf.org.uk Â <http://www.jrf.org.uk