3 per cent of Aussies lack basic banking services

More than 2.9 million adults lack a combination of either a basic banking account, car insurance or a credit card.

A landmark study by the University of NSW's centre for social impact shows the ability to secure as much as $3000 in funds for an emergency through the mainstream financial system is increasingly out of the reach for a growing number of people.

Instead, the report found more people are relying on family or friends while the lack of access to simple banking products is also behind the fast-paced growth in fringe credit products like payday loans.

Source: Brisbane Times