Data shows the percentage of Scots without a bank account has fallen from 3% to 2%. It could equate to around 40,000 more adult Scots having a bank account.

The FCA’s annual Financial Lives 2024 survey provides a snapshot of the financial circumstances of consumers across the UK.

Tackling financial exclusion was a key feature of the sector growth strategy launched by Scottish Finance Enterprise (SFE) in October 2023, with a particular focus on reducing the proportion of the population without a bank account.

The latest figures, which point towards progress against that goal, were recently discussed by leaders from the FCA, industry, charities and consumer groups in Edinburgh. Attendees considered the potential for further collaboration to make a difference in this area.

SFE Chief Executive Sandy Begbie CBE FRSE said: “The lack of a bank account puts people at a distinct disadvantage in today’s society, making it harder to receive benefits, secure housing or get a job.

“That’s why when we launched our sector growth strategy, we made clear that tackling this form of financial exclusion was a priority for our industry – one with potential to make a meaningful difference to the lives of people across Scotland. Through our work with regulators, charities and the banks themselves, we want to connect more people to the banking system.

“These figures show that, while there is still a long way to go, progress is being made and our forthcoming pilot in Scottish schools could make further inroads into this complex but important issue, as well as building support around financial literacy.

“As an industry, we are determined to ensure that everyone in Scotland feels the benefits of having a strong financial sector, and providing greater access to the financial system is a key part of this plan.”

Sharon MacPherson

Sharon MacPherson from Financial Inclusion for Scotland said: “Financial Inclusion is about more than just access to financial services; it’s about ensuring that every person in Scotland can participate fully in society without fear of financial hardship or exclusion.

“But we recognise this cannot be achieved in isolation and are pleased to be working in partnership with Scotland’s financial services industry, charities, regulators and the Scottish government to help drive progress. Financial Inclusion for Scotland brings together these partners to align efforts, share insights and advocate for systemic change that supports people across all communities.

“The school banking pilot is a great example of this collaboration, with the potential to enhance financial inclusion and improve access to bank accounts for young people.”