Too many Aussies are 'financially excluded'

Tuesday 29 May 2012

Article by Mozo

A growing number of Australians are being "financially excluded" because they cannot afford to pay for credit services.

New research conducted by the Centre for Social Impact and funded by National Australia Bank (NAB) has shown that 39 per cent of people down under do not have access to mainstream credit cards, personal loans or even bank accounts.

The fees attached to such products are far too high and a lot of Aussies are turning to alternative credit providers who have lower initial charges, but huge long-term interest rates.

This is obviously placing far too many citizens into debt and NAB chief executive Cameron Clyne insisted the figures are "alarming".

"In a country with a banking system and economy as strong as ours, it is simply unacceptable that nearly three million Australians are financially excluded from affordable financial services," he remarked.

Mr Clyne said Australia's banks have a responsibility to resolve the situation.

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Too many Aussies are 'financially excluded'

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