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Closing of bank branches upsets young people



According to research by UK-based financial institution Nationwide, half of young Brits are disappointed to find their local bank branch closed when they need it.


While approximately 6,000 bank and credit institution branches have closed across the United Kingdom since 2015, a further 645 branches are expected to close this year as British people's interest in digital channels increases.


Nearly three-quarters of the 2,000 people surveyed by Nationwide say they are worried about the closures. Half of the participants state that they are disappointed to see that a branch is closed when they need it. These figures include 50% of the 16-24 age group.


More than two-thirds of those surveyed still value bank branches. When asked the reason for this, 41% of the participants said; It draws attention to the importance of branches for vulnerable people in need of help.


When participants were asked why they value branches; cash withdrawal (44%), balance check (28%), large money transfer (19%), face-to-face assistance with fraud (38%) stand out as the main reasons.


Nationwide Retail Director Stephen Noakes said: "The clear conclusion from our research is that people of all ages are disappointed and concerned about branch closure rates. Our customers tell us how much they trust branches." he said.


Nationwide recently promised that wherever it has a branch today, it will continue to have a branch at least until early 2028.

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