According to a new survey, 50% of UK 18-30 year olds do not know where their local bank branch is and one sixth have never visited their bank.

The survey, by vouchercloud, found that a further third of the 1,722 respondents only knew vaguely where their local branch was. The research heralds a shift towards online and mobile banking. 57% said their main method of banking was online.

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Matthew Wood from vouchercloud said: ‘Banking these days is much more in line with fast paced modern life, with the majority of needs catered for on the internet or via the telephone.

"However, you’d have thought that people would still know where their nearest bank is. Does not knowing where the local branch is suggest a worrying lack of local geographical knowledge? Or is this information redundant for today’s youth?

Only 13% of young people questioned said using their local branch was their main method of banking.

Most respondents said that they did not go into a branch because everything was online and others said they could not get to a bank within opening hours because they were at work.

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"Most banking is a relatively straightforward affair that can easily be managed online. However, when bigger financial commitments are needed such as mortgages, I’d imagine that the younger generation will soon become more familiar with where their local bank is."

 

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