Kept out or opted out? Understanding and combating financial exclusion

Authors: Professor Elaine Kempson, Claire Whyley
Funded by: Joseph Rowntree Foundation
Published by: The Policy Press
Publication date: March 1999
ISBN: 1861341598

One and a half million households lack even the most basic of financial products, such as a current account and home contents insurance. A further 4.4 million are on the margins of financial services provision. Despite widespread interest in financial exclusion, however, remarkably little is known about the nature of this problem.

Using data from the Family Resources Survey, this research identifies how many households in Britain have no, or very few, mainstream financial products, and who they are. The study also draws on 87 in-depth interviews to describe the processes that lead to financial exclusion, and the consequences for households that are excluded financially. The report documents the unmet needs that exist for financial products, drawing upon focus groups with consumers who have no, or very few, financial products. The report concludes by highlighting innovative ways of providing financial services that are more appropriate to the needs of financially excluded households.

Kept Out or Opted Out? Understanding and combating financial exclusion [ Full report (PDF, 256kB) | Research summary (PDF, 29kB) ]

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