Bank Closures Hit Less Affluent Hardest
Report says that far more closures occur in poorer areas
24th February 2006
A report from the University of Nottingham has found that far more bank branch closures occur in less afluent areas, and that it is people on lower incomes who are most affected.
Of the 4,041 branches which closed across the UK between 1995 and 2003, 3,000 were situated in poor urban, manufacturing, or student-heavy areas, leaving people in those areas facing higher transport costs and even a feeling of financial 'abandonment'.
Professor Andrew Leyshon of the University of Nottingham commented:
"The closure of banks and building society branches can have significant consequences for customers, who may have to incur additional costs to travel to undertake transactions or obtain face-to-face advice"
Read More: BBC : Bank closures 'hit poor hardest'
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More on Low Income and Poverty : Doorstep Loans £100m Too Expensive (News, 01/05/2006), Doorstep Loans May Cost More Than Necessary (News, 27/10/2005), Half of Low Income Consumers Prefer Cash to Basic Accounts (News, 25/08/2005) |
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