The number of Australians with no access to financial services increased in 2011, according to a study released yesterday.The Centre for Social Impact at the University of New South Wales has estimated that the number of people with no financial service products rose from 0.8 per cent of the population in 2010 to 1.1 per cent (192,000 people) last year.The study defined financial exclusion as a lack of access to three key services - a transaction account, a moderate amount of credit and general insurance. These represent a person's ability to manage day-to-day payments, gain access to goods and services that are beyond the monthly budget and protect key assets.It found that 16.1 per cent of the population (2.8 million people) had only one of these products - an increase from 15.6 per cent in 2010. These people were classified as being severely excluded.The increase in exclusions reported in 2011 reversed a trend that has seen exclusion numbers fall since 2007. Thirty-nine per cent of the population do not have any mainstream credit product - a credit card, personal loan or mortgage. There was a big fall in the number of people with credit cards last year.The study said: "Possible causes may include general economic conditions and new credit regulations."People aged 18 to 24 were the most likely to be fully or severely excluded. The study found that the cost of financial services was a significant barrier. It found the average cost of operating a transaction account was $88 a year, and the average combined cost of a transaction account, credit card and insurance policy was $1794.It said: "For 12.7 per cent of the population this cost would represent more than 15 per cent of their income."