Keep Me Posted (KMP) is campaigning against many businesses and banks, as well as the Government, that charge for paper statements, instead encouraging their customers to go online.
KMP argues that this not only adversely discriminates against the elderly and disabled, but that young people are becoming overly reliant on the internet and digital documents.
In a study conducted by KMP they asked two groups to read the same information on paper or on screen.
They found that 82 per cent of those who read hard copies answered questions correctly compared to 32 per cent who looked at screens. Judith Donovan, chairwoman of KMP, said:
“This issue is so important for young people in debt. They are digital natives, so for them it doesn’t cross their minds to do anything other than go online, but they aren’t aware the extent their comprehension of financial affairs is reduced by staying online.
“Everybody prints something off if it is complicated, or difficult to understand. It isn’t an age thing, it is because we comprehend information better on paper. Young people don’t understand that. They don’t get much financial education at school anyway.”
She added: “The other thing hurting young people is the housing market. When you go to rent a flat the landlord will ask for bills or bank statements and they have to be original copies.
“There is a huge amount of ignorance. [Young people] don’t understand repayment deadlines or compound interest and it is very worrying.”
Research shows 40 per cent of UK adults say the removal of paper statements could affect their finances, while 5.2 million UK households do not have internet access.
Some 125 charities and organisations, including Mind and Age UK, back the campaign while some banks, utility companies and councils have changed policies because of KMP.
Seven European Union countries and Canada have passed legislation making it illegal to charge for paper bills.
Ms Donovan said: “The Government is trying to drive an online only policy to save money. The more people you drive online the more call the call centre. Money isn’t saved, just moved around.”
