Bank on us

At Big Issue North, we continuously aim to equip as many vendors as possible with contactless payment devices.

This is predominantly inspired by the increasingly cashless nature of our high streets, accelerated by the pandemic. According to UK Finance, nearly half of the payments made in the UK were through debit cards in 2021. The banking body also predicts that newer methods will replace cash payments and may only account for 6% of all transactions by 2031. 

Our figures over the last few years have reflected this shift. We have seen a gradual decline in total sales since 2015. Additionally, vendors cite customers not having cash as the leading reason for not making a sale.  

But, beyond limiting sales, this shift to a cashless society also brings fears about more vulnerable people getting “left behind”. There are documented concerns that moving away from coins and notes may negatively impact some groups, including older people, tourists, people who are new to the country, and low-income workers. People who may not have easy access to banking, like some of our vendors, may also be affected.  

Our latest vendor audit showed that more than half of the vendors surveyed (58%) didn’t have any form of bank account. This is typically down to a lack of paperwork required to open one. Banks often ask for proof of address, like a recent utility bill, a tenancy agreement, or a council tax bill – things that are tricky to obtain if you are vulnerably housed. 

The shift to a cashless society brings fears about more vulnerable people getting “left behind”. This includes people like our vendors who may not have easy access to banking.  

There are similar difficulties when it comes to having personal identification. 37% of vendors don’t have a birth certificate, 50% don’t have a passport and only 15% have a driving license. Several vendors have language and literacy barriers. This further hinders their ability to find, apply for or secure this type of documentation.  

The knock-on impact of not having a bank account can be surprisingly far-reaching. Not having a bank card or account can stop someone from gaining employment as there is nowhere to send a paycheque. Ironically, it will also stop someone from receiving benefits for unemployment. It can prevent people from signing housing applications or rental agreements. It can even stop someone from buying groceries and essentials as retailers move to card-only payment systems. 

In addition, managing your money can be trickier without a bank account. Keeping track of budgeting, trying to save for the future, or even just securing your money is all the more complicated without banking guidance and protection. 

The knock-on impact of not having a bank account can be surprisingly far-reaching. Not having a bank card or account can stop someone from gaining employment as there is nowhere to send a paycheque.

When you consider these impacts, it is easier to see how someone could end up in a challenging cycle, unable to move forward. It is these kinds of cycles that we at Big Issue North remain determined to help people to break. As such, our regional offices provide support for vendors to help them acquire official photo identification.  

We have also set up numerous vendors with bank accounts through HSBC’s No Fixed Address scheme, whereby people experiencing homelessness can open a basic account, even if they lack the ID documents that banks normally require, by using the address of the agency supporting them. 

To help secure documentation for vendors, we rely heavily on the donations and funds raised by members of the public. It currently costs around £30 to cover administration and application fees for basic forms of ID. Among other things, once a vendor has this ID and a bank account, they can be equipped with contactless payment devices.  

£30 may seem like a nominal fee for most of us, yet to people like our vendors, it can be truly transformative. Your donations can set someone on that path to changing their lives. 

If you would like to donate to support our work, please visit: justgiving.com/bigissuenorth 

You can learn more about the work the Big Issue North Trust does, and donate to our seasonal campaigns here.