How many adults out there without a bank account?
Discussion
Now, call me a lucky blighter, but I've had a bank account of some discription since birth, and a normal current account since about the age of 10, IIRC. I had a cashcard at 16 and Visa Delta and credit card from 18. Is this the normal occurance I'd always believed it was?
Why do I ask, you might say? Well, in my current efforts to pay the bills I deal on the phone with people from all walks of life and all parts of the country. They have called with the intention of taking out a financial product for their young child/children. It astounds me how many people, mainly in there twenties and thirties who do not possess any type of bank account! These are people with at least one child, often several, generally from the North of England. They are generally the same people that have to ask me to define the terms 'percentage' and 'shares', and with alarming regularity nead to confer with their partners how to spell little Shaniqua or Jayden's full names (I'm not making either of those names up, either).
It sickens me that these people have been failed so much by liberal education methods and general upbringing that they need to call me to complete an application form for them, as they do not possess the skills to complete the basic form in front of them.
How do people survive into their thirties without a bank account? Have they completely bypassed a major stage of adulthood?
>>> Edited by julianhj on Thursday 3rd March 20:19
Why do I ask, you might say? Well, in my current efforts to pay the bills I deal on the phone with people from all walks of life and all parts of the country. They have called with the intention of taking out a financial product for their young child/children. It astounds me how many people, mainly in there twenties and thirties who do not possess any type of bank account! These are people with at least one child, often several, generally from the North of England. They are generally the same people that have to ask me to define the terms 'percentage' and 'shares', and with alarming regularity nead to confer with their partners how to spell little Shaniqua or Jayden's full names (I'm not making either of those names up, either).
It sickens me that these people have been failed so much by liberal education methods and general upbringing that they need to call me to complete an application form for them, as they do not possess the skills to complete the basic form in front of them.
How do people survive into their thirties without a bank account? Have they completely bypassed a major stage of adulthood?
>>> Edited by julianhj on Thursday 3rd March 20:19
I'm the same as you - but when your old man worked for a bank the chance of not having an account since conception was pretty unlikely ...
Anyway, a lot of people still get paid in cash, weekly. My brother-in-law does. So why would they need a bank account?
That's probably their philosophy.
Anyway, a lot of people still get paid in cash, weekly. My brother-in-law does. So why would they need a bank account?
That's probably their philosophy.
julianhj said:
I don't have one, and I don't think I fit your profile.
I made a very definite decision not to have one.
Fair enough. Do you find it complicates everyday transactions? Wages/large purchases etc?
It's called Cash
, employers don't like it, but I have my reasons and so far they have always respected them.Some people just don't trust banks and would rather put it under the mattress or in a shoe box or simply don't have the money to justify opening one.
I have relatives whose wages are spent as soon as the pay packet is opened, and they have no savings at all.
A fair proportion of the populace live like that believe it or not.
I have relatives whose wages are spent as soon as the pay packet is opened, and they have no savings at all.
A fair proportion of the populace live like that believe it or not.
julianhj said:
I understand the cash-in-hand culture, and it's benefits re: Uncle Gordon's bunch of thieving b ds
These cash pay packets are net not gross. All deductions are taken as per normal - the wage is then given in cash, just not paid into an account.
We've got loads of land workers in this area and they're all paid cash.
MikeyT said:
I understand the cash-in-hand culture, and it's benefits re: Uncle Gordon's bunch of thieving b
These cash pay packets are net not gross. All deductions are taken as per normal - the wage is then given in cash, just not paid into an account.
We've got loads of land workers in this area and they're all paid cash.
I understand. I've only ever worked in service industries, and all the companies I've worked for have taken it for granted that they would pay me by BACS.
2 Smokin Barrels said:
A personal view.
People who insist in getting paid in cash are unwittingly putting other people's lives at risk. I have been involved in collecting the wages from the bank, and it is not a comfortable experience.
The repeal of the Truck Acts in the 80s was a damn fine move!
I've seen a few gangmasters in this area collecting cash from banks in plastic bags - never any problems.
Thing is, mess with them and you'd probably end up holding up a flyover ...
I deal with a lot of housing association tenants and they are often the people that Julian is referring to. They don't have bank accounts and this causes them all sorts of problems, if they do get a payment in the form of a cheque they can't pay it in so are down to cashing it at one of the cash converter type places that charge them for the privilege. They often have very little understanding about how they should manage their personal finances and because they fall outside of the normal banking system their only option to borrow money when they get into trouble is a high interest loan because they are high risk borrowers and this just increases the problems that they have.
IMO this is where the American Credit Unions are good, IIRC there were plans to introduce a "basic" bank account which wouldn't allow the customer to borrow money at all but would enable them to have their benefits paid into an account and to develop a credit history - not sure if that happened.
Basic money management should be a mandatory subject in schools.
>> Edited by Piglet on Thursday 3rd March 21:33
IMO this is where the American Credit Unions are good, IIRC there were plans to introduce a "basic" bank account which wouldn't allow the customer to borrow money at all but would enable them to have their benefits paid into an account and to develop a credit history - not sure if that happened.
Basic money management should be a mandatory subject in schools.
>> Edited by Piglet on Thursday 3rd March 21:33
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