'Huge Step' Made In Financial Inclusion
33784
Finance > Loans
Jun 28, 2007
Arouse
'Huge Step' Made In Financial Inclusion
Earlier this week, the Treasury announced that the implementation of hundreds of non-fee charging automated teller machines (ATM) throughout Britain is set to benefit more than one million people - in particular those on low incomes. The scheme, which will see some 600 fee-free ATMs installed, could well help some of the most financially vulnerable people across the country to manage their finances and handle their debts better. Economic secretary to the Treasury Ed Balls suggested that such a move could be a vital step in improving consumers' financial education towards areas such as Personal loans, mortgages and savings. He said: "These new free cash machines will help individuals on low incomes to access financial services as easily and cheaply as possible." "Opening bank accounts and having access to financial information and products enables people to manage their finances better," Mr Balls continued. John McFall, chairman of the Treasury Select Committee and chair of the ATM Working Group, added: "This is a huge step forward in our campaign for financial inclusion." Sue Edwards, senior policy officer for Citizens Advice, said: "This is good news and shows that real progress is being made to give vulnerable people on low incomes greater access to free cash machines." Ms Edwards added that the government needs to "keep up the momentum and ensure that the poorest areas in the country are prioritised". The officer also claimed that fee-charging ATMs have a "disproportionate impact" on financially vulnerable groups such as the elderly or families on low incomes, which in turn may impact upon their attempts at debt management and making repayments on personal loans, credit cards, overdrafts and other types of borrowing. Meanwhile, Ms Edwards also pointed to a Citizens Advice report published last year indicating that 40 per cent of cash machines charge for withdrawals. Although nearly all of consumers (99 per cent) surveyed claimed to be aware of fee-charging ATMs, about half of respondents claimed to have been made unaware that they were about to incur extra costs when using such a machine. Angela Knight, chief executive of the British Bankers' Association (BBA), also lent her support for the ATM plans and added that the government is beginning to recognise the contribution banks are making towards promoting financial inclusion for as many members of society as possible. She said: "Banks have driven a campaign to put machines into some of the UK's poorest areas which means people on low incomes will have the same free access to cash as those in more affluent places." And despite many Britons still being susceptible to fee-charging ATMs, Ms Knight indicated that consumers in this country could actually be better off than many other people around the globe. Pointing to independent research carried out by Oxera, the BBA chief executive claimed that half of ATMs in Britain are free - with other countries said to carry a greater proportion of fee charging machines. As a result, the provision of free cash machines may be able to help consumers plan their finances, something a recent study has indicated they are not doing at the moment. According to findings by National Savings & Investments, a third of consumers are "financial fantasists" and are counting on earning more money in the future or borrowing through personal loans or credit cards instead of making a detailed plan for later life. So for those looking to make the provision of free cash machines the starting point to managing their finances why not opt for a competitively-priced personal loan?
Abbi Rouse writes for Essentially Home Loans where visitors can apply for personal loans and also focuses on secured loans for UK residents. Visit Today: http://www.essentiallyhomeloans.co.uk
send email to Arouse
Write a Review
Add to My Favorite
Refer it to Friend
Report Article
Other links owned by this user
Homebuyers need to be conscious of the implications of valuation fees when looking to move property, an industry expert has reported.
Category:
Earlier this week, the Treasury announced that the implementation of hundreds of non-fee charging automated teller machines (ATM) throughout Britain is set to benefit more than one million people - in particular those on low incomes.
Category:
With Britain seeing a wave of unseasonable weather over what is alleged to have been the summer months, it is perhaps unsurprising that an increasing number of Britons are looking to take a foreign holiday this autumn in the search for some sun.
Category:
Upon completing their financial goals, the majority of Britons will not give something back to society, new statistics show.
Category:
Consumers are discovering life is getting tougher when it comes to managing their finances, figures from Virgin Money have revealed.
Category:
The confidence crisis surrounding the British pensions sector is deepening, it has emerged.
Category:
Students are increasingly developing difficulties in handling their money, new research shows.
Category:
The proportion of money issued via mortgage lending reached a record height last month, new figures indicate.
Category:
Schoolchildren in Wales are set to receive guidance on handling their finances from next year, it has been revealed.
Category:
The majority of personal loan customers use their borrowings to fund the purchase of a vehicle, new figures have indicated.
Category:
Companies need to do more to help their employees manage their money, it has been suggested.
Category:
People using debt management plans are taking an average of one month longer to repay their debt, according to the latest debt monitor from debt management specialist Chiltern.
Category:
Consumers across the country could be placing unnecessary financial burdens upon themselves and their family by not taking full advantage of the tax breaks available to them, it has been suggested.
Category:
The Bank of England's monetary policy committee (MPC) has voted to keep interest rates consistent for this month, it has emerged.
Category:
Those consumers wishing to maintain their secured loan costs should look to act as soon as possible, it has been suggested.
Category:
Britons are increasingly unwilling to talk about their finances, a new set of figures has indicated.
Category:
Interest rates need to go up next week, a leading economic expert has warned.
Category:
Van owners could be well advised to ensure that they are using money from their motor loan to take out adequate insurance for their vehicle, it has been suggested.
Category:
By over-relying on borrowed money, consumers could well find their debt difficulties increasing, an industry expert has claimed.
Category:
Other links at Finance > Loans
For some people work is like drug and they'll travel even hundreds of miles everyday to get their daily dose. It also becomes a necessity for them to maintain luxuriant lifestyles.
Category:
If you are looking for a sum of money to increase your spending power, you may well be thinking about a secured personal loan.
What is a secured personal loan? It is a loan secured on an asset, which is most likely to be your home. If you def
What is a secured personal loan? It is a loan secured on an asset, which is most likely to be your home. If you def
Category:
Why do not think about bad credit instant payday loan, when you have no other option to get some quick money.
Category:
There is a vast availability of Canada loans for students who wish to pursue higher studies, establish, modernize, or improve both small and large businesses
Category:
Those considering buying one of the new 57 registration cars are being advised to consider their purchase with care.
Category:
Site Sponsor
Directory Statistics
Articles: 68252
Categories: 501
Yahoo Entertainment
