Without bank accounts, people might struggle to get credit from mainstream sources, according to one organisation.
Consumer Focus has noted that by not having accounts, consumers will also be unable to set up direct debit payments, which could see them lose out on money savings.
The body's chief executive Mike O'Connor CBE suggested that future reforms of the UK's financial system should consider people who are not currently making the most of the country's banking services.
He stated: "Life without a bank account can cost time, money and convenience.
"It is another stark reminder that those with less often end up paying more."
Consumer Focus has now published its On the Margins research, which emphasises the problems that many people are currently facing because they are not accessing bank account products.
When it comes to financial products, senior PR manager at uSwitch.com Jo Ganly recently called on consumers to read the small print before entering into any agreements.
Posted by Martin Peacock.
