Pockit Revenue (2023)

Over a million people in the UK still lack a current account, a basic financial tool that is often taken for granted. Traditional financial institutions have frequently overlooked this segment of the population, leaving them excluded from what many consider essential modern conveniences, including internet shopping. Our report highlights that these underserved individuals face significant financial disadvantages, incurring up to an additional £485 per year in costs. This extra financial burden comes from higher energy bills, more expensive phone contracts, and costlier loans, all consequences of not having a current account. This report aims to shed light on this ongoing issue and the urgent need for inclusive financial services that cater to the needs of all individuals, regardless of their financial status.