CONCERNS have been raised about the impact of bank branch closures on older people in Wales.

Age Cymru has said older people are struggling to access their money as they are unable to access branches, and many are unable to use online banking.

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 offices has 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.”

Pensioners make up one-third of adults without a basic bank account and six per cent of households with someone aged 85+ have no bank or post office account.

For some people, their exclusion is the result of difficulty they face in opening an account because they do not possess the identification documents required, such as passports or driving licences.

The number of bank branches across Wales is falling rapidly too, down by nine per cent in the year to March 2020, from around 405 to around 370. The trend for the future statistically is a continuing decline.

Almost one-fifth of people aged 65+ rely on others to draw cash for them as a result of a variety of issues including their inability to access a physical financial services or to remember their PIN number. Age UK research said this decreases independence and increases risk of financial abuse. Poor design makes it difficult for some older people to take up new banking technologies, for example telephone banking systems and security devices for internet banking.

Post offices have the potential to provide a useful access point, especially in rural areas and most major UK banks now make their accounts accessible through the Post Office network. However, many post offices have closed or are under threat of closure.

Age Cymru believe that the ability to make withdrawals and deposits (including cheques) from all current and basic bank accounts held with high-street banks and building societies should be mandated by the UK Government.