Summary
The growing trend of physical bank closures threatens to deepen financial exclusion for the elderly. This raises important discussions about how to develop cybersecurity practices that are tailored to their needs.
The closure of physical bank branches across the UK has accelerated in recent years, with over 6,266 bank and building society branches shutting down as of January 2025—63% of those open at the start of 2015. This equates to an average of 53 closures per month. Caroline Abrahams Charity Director at Age UK, said: "We need to face up to the fact that huge numbers of older people, the ‘oldest old’ especially, are not banking online." She added: "It’s crucial that the banks respond. Otherwise they are effectively disenfranchising millions who are willing and able to manage their finances – just not online.”
The closure of bank branches has significantly impacted those who do not use online banking, particularly older individuals. This is illustrated by an Age UK survey, which found that nearly a third (31%) of Britons over 65 with bank accounts feel uncomfortable with online banking; additionally, nearly three in five (61%) in this age group have been targeted by fraud or scams (Independent Age). As more elderly people transition to online banking, the financial services industry must focus on solutions that build confidence and digital independence. This could include tailored digital literacy programs to help older users navigate online banking securely and in-person workshops at community centres where they can practice essential skills with expert guidance. Additionally, financial institutions can implement “nudges” — subtle prompts or reminders — to encourage safe practices, such as setting up two-factor authentication or regularly changing passwords. By offering these gentle reminders within the online banking interface, banks can empower older users to take proactive steps toward protecting themselves. With a combination of hands-on support, digital literacy training, and nudges that encourage good habits, banks can help elderly customers manage their finances online confidently and securely, fostering both independence and security in the digital banking world.