Affordable banking 'offers improved money management'

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Affordable banking 'offers improved money management'

Having a bank account can help people handle their finances better and will sometimes allow them access to cheaper products, according to an industry expert.

Money Advice Trust spokesperson Beccy Boden Wilks pointed out that people who do not have bank accounts are missing out on the discounts that are often given when bills are paid by direct debit or standing order.

Her comments were made following news from the Treasury's Financial Inclusion Taskforce indicating that it has achieved its goal of halving the number of adults living without access to a bank account from two million in 2003/04 to 900,000 in 2008/09.

Ms Boden Wilks said: "It is really important to have access to affordable banking. Obviously, it is a better way of managing your money."

She called it a "really positive step" that the Financial Inclusion Taskforce was able to surpass its target, because it means more people are able to take advantage of the benefits of the banking system.

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