Millions of old folk 'risk being shut out of modern banking in move to online'

02 May 2023 , 23:01

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Move to online banking could leave older generation behind (Image: Getty Images)

More than four million over-65s risk “financial exclusion” as banks close.

Waves of branch closures as more and more bank online is leaving older customers in the lurch, warns a charity.

Banks argue most people are now happy to bank online.

But Age UK revealed a third of over-65s do not trust digital banking, lack know-how, or want to deal face-to-face.

Those most distrustful are aged 85 and over, female, or on a low income. It found that four in 10 over-65s with a bank account, some 4.09 million, don’t manage funds online, and “could be at high risk of financial exclusion”.

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Many OAPs are distrustful of computer banking (Getty Images/Blend Images)

Reasons given in the Age UK poll for shunning digital banking were fear of scams (31%), lack of trust (28%) and not having the IT skills (28%).

The charity wants a faster rollout of Shared Banking Hubs, which provide services run by the big banks and Post Office. There are now 50.

Caroline Abrahams, of Age UK, said: “We need to face up to the fact that huge numbers of older people, aren’t banking online.”

Since early 2015 at least 5,600 bank and building society outlets have shut, or are down to be shut.

Age UK’s findings were released as consumer group Which? said banks should stop relying on text messages to send sensitive information.

Graham Hiscott