Closing bank branches is shortsighted, demand for cash services is still high - The Yorkshire Post says

A new study shows that the widespread closures have seen demand for cash services shift to Post Offices.

That and the fact that many banks are now opening up ‘banking hubs’ is enough evidence to suggest there is a demand for high street cash services.

It is good to see that Post Offices are filling that gap but for how long? They too are seeing a decline in numbers.

The findings of the study also showed that bank closures don't result in people switching to digital payments with demand for cash-based services still high.

The fact remains that a lot of people, especially the elderly, prefer cash services. And the moves by financial institutions such as banks to end their high street presence is just emblematic of how society overlooks older generations.

Not everyone has access to the internet or has the digital know-how to make the switch.

Even a trip to the supermarket has the potential of turning a shopping trip into a tech-driven dystopian nightmare for the elderly with rows and rows of self-checkout machines.

These major companies may also want to consider the impact on loneliness. Often the little interaction that elderly people have is when they’re at the bank, Post Office or supermarket. The importance of the social interaction they get from these activities can’t be measured in pounds and pennies.