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Banks not meeting needs of younger customers

More than two thirds of people aged 18-34 think their bank fails to cater for the financial challenges younger people face, research by uSwitch has found.

The survey of 1,000 18-34-year-olds revealed that 32% believe their bank offers relevant products and services.

The areas where people would like more help from their chosen bank, are:

  • improving credit history (20%)
  • information about savings and pensions products (20%)
  • money management advice (20%).

However, the survey found that a quarter of those surveyed still use their childhood bank account that was set up with the help of their parents.

The research also shows that the following services are valued by younger bank customers:

  • online services (17%)
  • customer service (13%)
  • mobile service or app (8%).

Nicolas Frankcom, money expert at uSwitch.com said:

"This research exposes a contradiction: young people clearly don't feel that banks meet their needs, yet many remain tied to the bank they joined as a child.

"The banks must work harder, with more innovation around relevant products and services if they are to attract the custom of this generation."

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