New research shows brutal bank branch closures have angered and frustrated millions of young people.
Half of 16 to 24-year-olds are upset about high street amenities permanently closing when they need them, a survey shows.
This is further evidence that the cull is affecting all age groups, not just the elderly: seven in ten say they value face-to-face banking.
The number of branches that have closed since 2015 is now over 6,000 and by the end of the year 33 constituencies – including two in London – will not have a single branch.
According to analysis, Barclays has closed most of its branches. 1,216 of them were closed, i.e. one in five. Another 645 branches are scheduled to close this year.
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 to 24 year olds remaining frustrated after finding their branch is closed locally.” Branches are valued for everyday banking transactions, but also for important moments such as fraud cases and the transfer of large amounts of money. That’s why we promised that we will stay where we have a branch today until at least 2028.”
A survey by the Swindon-based building society shows that almost three quarters of respondents are concerned about the number of branch closures. Half are annoyed when a branch is closed exactly when they need it most.
The study found that 70% of consumers still value physical stores. When asked why, 41% cited the lifeline they provided to vulnerable people, with one in five 16-24 year olds also citing this as a key reason. This figure rises to 28% among 25 to 34 year olds and continues to rise with age.
Nationwide has doubled down on the scandal and bucked industry thinking by extending a promise not to close a branch, which is one today, until at least 2028 – a two-year extension on its previous pledge.
Mr Noakes said: “It is clear from our research 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 the UK’s largest branded branch network, a manager in every branch and a commitment to stay everywhere until at least 2028.”
The banks justified the abolition on the grounds that customers no longer want banking services as they increasingly do their banking online.
Consumer Champion Which? has been tracking branch closures of major UK lenders since 2015.
Barclays tops the list of shame with 1,216, but NatWest Group, which also includes Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches – the most branches of any banking group.
Lloyds Banking Group, comprising Lloyds Bank, Halifax and Bank of Scotland, has closed 1,146 locations.
Which? said that while the number of closures appears to have slowed since its peak in 2017, there has been a “worrying increase” recently, with banks appearing to be on a race to the bottom.
An additional 387 closures are planned for the remainder of the year and 24 are planned for 2025.
By the end of this year, 33 parliamentary constituencies with a total population of more than three million people will no longer have a single bank branch.
Since the Covid outbreak in 2020, more than 10,000 high street retail outlets have closed across the UK, mainly department stores, clothing stores and banks.
Sir John Timpson, 81, chairman and owner of Timpson Group, which has more than 2,000 stores, said: “One of the big benefits a high street can have over the next 30 years is the ability to give people face-to-face conversations .” Services. If you go to a lot of really good retailers you can still meet people and a lot of the reason people continue to go to high streets is for social interaction as well as actually purchasing 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 highlights the seismic change that has taken place in our banking habits and the character of Britain’s high streets.”
“While some may barely notice the closure of their local branch as they seamlessly switch to online banking, for others who rely on face-to-face services the impact can be catastrophic.
“This is not about stopping the closures entirely, but about ensuring that essential banking services remain accessible to those who still need them. It is vital that the Government prioritizes opening more hubs quickly so people are not left behind.”