UK elderly urge banks to keep branches amidst digital age

Research indicates a significant demand among older people in the UK for financial institutions to maintain physical branches amidst increasing digitalisation.

Recent findings reveal that 88% of people aged 66 and older believe banks should be compelled to retain more physical branches. This comes as many in this age group feel marginalised by the shift towards digital-only banking, which often presents barriers in accessing, understanding, and using technology.

The data comes from The New Ageing Index, 2024, by Home Instead, a comprehensive study exploring the experiences of older individuals and their carers in the UK. The research shows that the transition to digital platforms in financial services risks leaving a substantial number of elderly consumers without adequate support.

The index highlights that nearly three-quarters (78%) of participants feel that rising digitalisation marginalises them, with many relying on in-person banking as they find it difficult to navigate digital services independently.

Martin Jones, CEO of Home Instead, commented on the findings: "As our population ages, the need to address the social disparities which digital culture is creating is one of great urgency. A collective approach—combining the retention of physical banking services with efforts to improve digital inclusion—could provide older people with a more balanced and supportive system that meets their unique needs in both the physical and digital realms."

Jones added, "Older people want to be involved and valued but this can't happen if technology leaves them behind. The willingness to learn and adapt is there so more must be done across the tech sector to help older people stay connected and be a part of our increasingly digital world."

The research further sheds light on the broader societal impacts of the digital divide, with 70% believing that the increasing digitalised environment heightens feelings of loneliness and isolation among the elderly. The call for making technology more accessible is evident, with suggestions for programmes and resources aimed at equipping older adults with the necessary skills to adopt and use digital tools effectively.

Despite concerns, there is a positive outlook towards technology's potential benefits in areas like home care and health monitoring. These innovations are seen as offering greater independence to those choosing to age at home, with 65% acknowledging this potential.

Additionally, the survey reveals that 76% of respondents want technology providers to make devices and platforms easier for the older population to use. Encouraging lifelong learning to prevent digital skill gaps is deemed essential, with 74% supporting this notion, rising to 77% among older people.

This report is part of ongoing research, repeated quarterly to examine different aspects of ageing, with more than 1,000 British individuals surveyed, including volunteer carers. The study seeks to provide a thorough understanding of the challenges and perceptions related to ageing in contemporary Britain.