Financial Inclusion: Empty Bank Accounts & Expensive Digital Solutions NOT The Answer!

The Financial Conduct Authority reveal that:

* 25% of adults have low financial resilience.

* 21% of adults have less than £1000 in savings on which to fall back.

These figures equate to 14 million and 12 million respectively.

It has been reported elsewhere that 16 million adults in the UK use cash to budget their finances as best they can.

In commenting on these figures the Financial Conduct Authority say:

“But there are improvements – more people with current accounts and less digital exclusion. Our strategy will build on this to help people better navigate their financial lives.”

So how many current accounts will have to be opened and how much “digital inclusion” created to make the 14 million adults currently with low financial resilience adequately resilent?

You will find no answers to these questions in the Financial Conduct Authority report. The harsh reality is that more current accounts with no money in them and nominal “digital inclusion”,that the 14 million adults with low financial resilience cannot afford to use, are NOT silver bullets.

So rather than focusing totally on current accounts and “digital inclusion”, let’s do things for these 14 million British citizens that clearly work for them.

Such as

* making cash access VERY easy for them

* ensuring that their cash is ALWAYS accepted

Time for the Financial Conduct Authority , HM Treasury and Bank of England to give the British public what they WANT and NEED in relation to cash.

NOW, IN 2025.

Source: mortgagestrategy.co.uk/news/one-in-four-have-low-financial-resilience-fca-survey-reveals