Ulster Unionist Peer, Lord Empey, has been appointed to a Lords Select Committee to 'consider financial exclusion and access to mainstream financial services'.
The Committee, which had its first meeting on Tuesday, will report to Parliament by March 2017.
Lord Empey said;
“I am delighted to serve on this Select Committee. It is not widely known that over 1.5 million people in the UK do not have access to a Bank or Building Society account. This means that many in the most deprived communities do not have access to the financial services the rest of society enjoys, and are worse off as a result.'
“Save the children say that this contributes towards a 'poverty premium' - this is the amount for goods and services paid by low-income families that could be in excess of £1,280 per year more than those with access to financial services.
“We know that in Northern Ireland and other regions, there are not only Wonga style pay day lenders operating, but ruthless loan sharks who will seek to take advantage of people's misfortune and force them to pay outrageous rates of interest.
“I hope the Committee will look at the way in which the education system can teach young people about finance. Without basic knowledge people will be taken advantage of and exploited.”