Bank accounts good for ex-prisoners, Co-op notes

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Bank accounts good for ex-prisoners, Co-op notes

Thu 3rd Dec 2009

Savings and bank accounts are an effective tool in helping people who have been in prison to re-integrate back into society, according to the Co-operative.

The financial services provider made its comments as it published research that was undertaken in partnership with Liverpool John Moores University (JMU).

A group of prisoners who opened accounts with the bank were monitored and it was found that re-offending rates among the individuals who had the savings products in place were lower were below the national average.

Paul Jones is from the research unit for financial inclusion at Liverpool JMU.

He said: "Bank accounts are an important element in enabling ex-prisoners to become valuable members of society and other banks should consider following the pioneering work carried out by the Co-operative."

In recent days, the Co-operative asserted that, in the run-up to Christmas, the majority of adults in the UK will spend a "phenomenal" amount of money preparing for their festive celebrations.

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