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Bank closures – comment to South Wales Argus 3 June 2021

Published on 03 August 2021 05:51 PM

Age Cymru’s chief executive Victoria Lloyd says: “The closure of bank branches across Wales has arguably affected older people more than other age groups.  More than half of the over 75s in Wales do not have access to the internet and fewer still access internet banking.

“In addition, many older people living on limited budgets prefer to use cash as they often find it easier to budget their weekly finances as well as pay for services such as gardening and window cleaning.

“And while most high street banks enable older people to access their accounts through the post office network, the number of post office have also shrunk in recent years.

“Bank branch closures have also made it more difficult for shops and businesses to operate on local high streets, places where many older people find it easier to visit as opposed to out of town facilities.

“As well as access to cash, banks on our high streets play a vital role for older people in terms of financial inclusion and as a source of information and security for those worried about fraud and scams.  

“We must also not forget that lots of older people use their bank visits as an opportunity to speak to another person and enjoy some social interaction.”

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