Fewer than half of residents in 18 local authorities across Britain now have access to cash within a one-mile radius, a new report reveals. Peterborough is now one of Britain's most financially forgotten towns, with just 21 per cent of people able to access cash within one mile, Fair4All Finance analysis of FCA data shows.
It is followed by Middlesbrough and South Tyneside, where fewer than three in 10 people can access a cash point within a mile radius. The analysis looked at 361 local authorities across Britain and found 18 areas where more than half of the adult population are living in financially vulnerable circumstances and less than half have access to cash within a one-mile radius.
Peterborough, Middlesbrough, and Sunderland have the lowest levels of cash accessibility across the country. Other areas like Harlow, Sunderland, and Blackburn with Darwen show a similarly alarming trend, though Darwen received a banking hub this week following a community request after bank branch closures in the town.
Most of the population - more than 97 per cent - live within one mile of a cash withdrawal point. But fewer than one in three residents in Peterborough, Middlesbrough and South Tyneside can find a cash point within one mile of them. Fair4All Finance said limited cash availability risks making it more difficult for those already facing financial hardship as vulnerable households often depend on cash for budgeting and transactions. This is further impacted by dwindling cash access points.
