Responding to the Financial Inclusion Commission Report, which recommended that alternatives must remain available for those who cannot or choose not to manage their money online, Judith Donovan CBE, Chair of the Keep Me Posted campaign, said:
“I am pleased the Commission has recommended that alternatives must remain available for those who cannot or choose not to manage their money online. The report recognises that many people still prefer and better understand paper statements, and that the move toward digital financial services can create new barriers for those who are excluded, such as the elderly, those in rural areas and people with poor digital skills.
“I hope that politicians and regulators take on board the Financial Inclusion Commission’s findings ahead of the next General Election, and would welcome action to protect the consumer’s right to choose how they receive bills and statements.”
Notes to Editors:
1) The Financial Inclusion Commission report, published on March 11, found that (page 16):
“Technology clearly offers an opportunity to provide flexible, tailored financial services. But these changes will not reach everyone. For those who cannot or choose not to manage their money this way, other services must remain available.”
2) In February 2015 Keep Me Posted published the results of a major behavioural study which looked at how well people understood financial information that was sent to them online and by post called ‘Managing money online – working as well as we think?’ 2,399 people participated in the study; half of participants received a paper statement and notice of changes and half received the information online. This study showed that those who received a paper bank statement were more likely to understand the information they were given, take appropriate actions, and make better financial decisions as a result.