Nationwide issues 'concerning' warning to 'all' age groups of customers

Nationwide has warned "half of young people" have been left frustrated after finding their local branch has closed. All age groups concerned by rate of branch closures, new Nationwide research has revealed, as the number nationwide hits 6,000.

Half (50%) of 16-24s are frustrated to find branches closed when they needed them and the study found seven in ten consumers value branches (70%). Nationwide recently extended its Branch Promise until at least the start of 2028

41 per cent called out the importance for vulnerable people, with more than one in five (21%) 16 to 24s also recognising this as a key reason. This figure rises to 28 per cent for 25 to 34s and continues to rise with age.

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Nationwide research found branches are used for a range of reasons. These include cash withdrawals (44%) and checking balances (28%). People also use branches to transfer large amounts of money (19%) and prefer face-to-face help on fraud and scams (38%).

The top reasons people aged 25 to34 use branches include paying cash in and taking cash out (35%) checking balances (26%) and transferring large amounts of money (22%). Nationwide, which has the UK’s biggest branded branch network as a result of large-scale bank branch closures in recent years, conducted the research to show how branches remain valued by people of all ages.

The building society recently extended its Branch Promise that means everywhere it has a branch today, it will remain there until at least the start of 2028. Stephen Noakes, Director of Retail at Nationwide said: “What’s clear from our research is that people of all ages are frustrated and concerned about the rate of branch closures.

"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.”