One in six people have no bank account, says report

One in six Irish people does not have a bank account, a national survey has found.

The findings by the Financial Regulator also showed that one-third of respondents have problems keeping up with bills.

The Financial Capability Study interviewed a sample of 1,500 people across the country between November 2007 and February 2008.

The survey also found that 27% do not know how to make a complaint against a bank or financial institution.

The Financial Regulator's consumer director Mary O'Dea said: "This is the first study of its kind in Ireland and it will help us to inform and educate consumers to make them more financially capable."

Commenting on the main findings, Ms O'Dea said that 17% of people questioned may not have bank accounts because of low income levels, cultural and ethnic issues, disability or geographic isolation.

She added: "Banks and building societies in Ireland should consider how they can make their products more suitable and accessible to low-income consumers, such as providing low-cost, no-frills bank accounts."

Having a bank account is increasingly important for full participation in society, according to Ms O'Dea.

"The Financial Regulator is working to foster full access to financial services," she added.

The survey featured questions about day-to-day money management, financial planning, use of financial products and ways to get money advice.

The findings also showed that 44% of respondents were not prepared to take any risk with their savings and investments.

Consumers are more likely to shop around for financial products like mortgages and life insurance rather than credit cards and current accounts.

Established in 2003, the Financial Regulator helps consumers make informed decisions on their financial affairs.


More in this Section

Cork gardaí seize cash and drugs in separate raidsCork gardaí seize cash and drugs in separate raids

HSE: Coronavirus outbreak an 'emerging, rapidly evolving situation'HSE: Coronavirus outbreak an 'emerging, rapidly evolving situation'

Alcoholic father gets suspended sentence for leaving daughters in guesthouse to go drinking and hitting one of themAlcoholic father gets suspended sentence for leaving daughters in guesthouse to go drinking and hitting one of them

'This is a national crisis' - Drogheda families speak ahead of protest against criminality and violence'This is a national crisis' - Drogheda families speak ahead of protest against criminality and violence


Lifestyle

Falsies don’t have to be fiddly, says Katie Wright.5 common myths about false lashes

Hiring professional designers to guide you through a home revamp can get you what you want, which doesn’t necessarily have to be what TV home improvement shows tell us, writes Carol O’Callaghan.What a professional interior designer can do for you when planning a home revamp

Kya deLongchamps turns the spotlight on countertop stars to look out for in the last throes of the January sales.Counter culture: Some star kitchen appliance buys

The model, presenter and musician chats to Lauren Taylor about how different it is having a newborn in her 40s.Myleene Klass on her post-baby body: ‘I’ve got two stone to lose but I won’t berate myself’

More From The Irish Examiner