Half of people aged between 16 to 24 have been left “frustrated” after finding their local bank branch has closed, according to new research from Nationwide.

The building society said that 73 per cent of people across all age groups are concerned about the rate of bank closures.

The news follows figures published by consumer champion Which? last week which revealed that 6,000 branches, or around 60 per cent of the total branch network, have closed in the UK over the past nine years.
https://www.fstech.co.uk/fst/6000_Bank_Branches_Closed_Since_2015_Finds_Which.php

Nationwide’s research also found that 70 per cent of consumers still value branches, with 41 per cent of this segment citing the importance of in-person banking services for vulnerable people.

Nationwide said that its report highlights that people of all ages value the role of branches and use them for a variety of reasons.

In October, Nationwide said it has 605 branches open on the High Street, more than any other major bank in the UK.

Last year, the building society made a promise to keep all branches open until 2026. It has since extended that promise, meaning all branches currently open will remain in place until the start of 2028.

“What’s clear from our research is that people of all ages are frustrated and concerned about the rate of branch closures,” said Stephen Noakes, director of retail at Nationwide. “Our own customers tell us how much they rely on them.

“This is why we are proud to have Britain’s biggest branded branch network, a manager in every branch and a commitment to stay everywhere we have a branch until at least 2028.”

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