The 2.5 million people in the UK without bank accounts are more financially influenced by friends and families than by their gender, ethnic background or housing situation.
According to research by the National Institute of Economic and Social Research commissioned by Britannia Buil ding Society, people living in a household where others do not have bank accounts are 25 times more likely not to have one themselves than someone who lives with accountholders.
But the report also concludes that the financial needs of non-accountholders can be met by banks and societies.
Report author Pam ela Mead ows says: “To break down the barriers to access to mainstream financial services, the financial services industry and the Government must secure the help of account-holding friends and relatives of those without accounts. It is likely that those who do not have accounts are not well informed about the opt ions available to them.”