- Excluded consumers face many barriers to access – restricted options are compounded by low levels of financial capability, awareness and confidence;
- 5 million adults in the UK have literacy standards expected of 11 yr olds;
- excluded consumers are trapped in a vicious cycle. They have less exposure to/ experience of financial services, which means they have less confidence when dealing with financial services and so on. For example, research shows that:
- many basic bank account customers have low levels of awareness of direct debit facilities
- 65% of pre-payment customers unaware they pay higher fees
- there is a general lack of awareness of which bills can be paid without fee.