A new poll shows that half of people between the ages of 16 and 24 are angry. Bank branches are closing permanently – further proving that these closures are affecting all age groups
The brutal closure of bank branches has left millions of young people angry and frustrated, new research shows.
A poll shows that half of 16-24 year olds are angry. Shopping centers permanently close their doors when they need them. It’s further evidence that the cull is affecting all age groups, not just older people, with seven in 10 saying they value face-to-face banking.
The number of branches closed since 2015 now tops 6,000 and by the end of the year, 33 parliamentary constituencies – including two in London – will no longer have a single branch.
Analysis shows that Barclays has closed the most with 1,216 shuttered – one in five of the total. Another 645 are earmarked for closure this year, the Daily Express reports.
Stephen Noakes, retail director at Nationwide, said: “Our research shows that almost three quarters of consumers of all ages are concerned about the number of closures, with half of 16-24 year olds left frustrated after their local branch closes. Branches are valued for day-to-day banking, but also for important moments such as scam concerns and transferring a large amount of money. That is why we have promised that we will remain wherever we currently have a branch until at least 2028.”
A poll by the Swindon building association shows that almost three-quarters are concerned about the number of branch closures, with half annoyed if one closes when they need it most.
The research found that 70% of consumers still value branches and when asked why, 41% said the lifeline they provided to vulnerable people, with one in five 16-24 year olds also citing this as a key reason recognized. This figure rises to 28% for 25-34 year olds and continues to rise with age.
Nationwide has doubled down on the scandal and put itself at odds with industry thinking by extending its pledge not to close any branch it currently has until at least 2028 – a two-year extension from the previous promise.
Mr Noakes said: “What is clear from our research is that people of all ages are frustrated and concerned about the number of branch closures. Our customers tell us how much they rely on them. That’s why we’re proud to have Britain’s largest branded branch network, a manager in every branch and a commitment to stay everywhere until at least 2028.”
Banks have justified the cull by saying customers no longer want over-the-counter services as they increasingly bank online. Consumer Champion Which one? has been monitoring the closures of branches of major British lenders since 2015.
Barclays tops the list of shame with 1,216, but the NatWest Group, which also includes the Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches – the most of any banking group.
Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has closed 1,146 locations. Which? said that while the number of closures appeared to have declined since the peak in 2017, there has recently been a “worrying wave” where banks appear to be in a race to the bottom.
A further 387 closures are planned for the rest of the year and 24 are planned for 2025. By the end of this year, 33 parliamentary constituencies with a combined population of more than three million will not have a single bank branch.
Since Covid struck in 2020, more than 10,000 high street shops have closed across Britain, mainly department stores, clothing stores and banks.
Sir John Timpson, 81, chairman and owner of the Timpson Group, which has more than 2,000 outlets, said: “One of the big benefits a high street can have over the next thirty years is the ability to offer people face-to-face services. If you go to a lot of really good retailers you can still see people and a big part of the reason people will continue to go to the high street is for the social interaction, but also for the actual purchase of goods and services.
Sam Richardson, deputy editor of Which? Money said: “This milestone of more than 6,000 bank branch closures in just nine years underlines the seismic shift that has taken place in terms of our banking habits and the character of the UK high street.
“While some may barely notice the closure of their local branch as they seamlessly switch to online banking, the impact for others who rely on face-to-face services could be devastating.
“This is not about ending closures altogether, but about ensuring that essential banking services remain accessible to those who still rely on them. It is crucial that the government prioritizes opening more hubs quickly so that people are not left behind.”