John Wilson, researcher at the University of St. Andrews’, claims that one in eight adults are financially excluded. Speaking in London, a few days ago, he said that those without access to bank accounts are often on low-income, and that without a credit history report may struggle to apply for a cheap personal loan.

Mr. Wilson said: “The resultant low household income forces many into the arms of loan sharks and other predatory lenders who charge ludicrous levels of interest, trapping the borrower in a cycle of dependency."

Though the percentage of financially excluded people in Britain is not the highest in the world, Mr. Wilson added: "We cannot afford to be blasé about these figures and dismiss those outside our cosy world of internet banking, multiple credit cards and interest-free loans as work-shy or financially illiterate."

He further added that offering more advice on secured personal loan and debt management will "allow them to become more financially capable".

According to the Legal Services Research Centre’s latest findings, some 3.7 million consumers experience serious financial difficulties, and most of them do not know the location of solicitors or debt advice centres for guidance on personal loans, mortgages and savings.

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