Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.
Less than a fifth (17%) of adults have switched a bank account in the past year, according to a survey.
Nearly half (45%) of 18 to 24-year-olds surveyed said they had moved banks in the past year compared with just 4% of those aged 65 and older, the research for audit and advisory firm KPMG found.
Cash incentives, better customer service and more competitive interest rates were among the top reasons why people said they had last switched their bank.
Despite the rise of challenger brands and innovations with new banking app features, nearly half (49%) of people aged 65 and over said nothing would make them consider moving their main source of income to a non-high street bank account.
Peter Rothwell, a partner and head of banking at KPMG UK, said rises in life expectancy should not be overlooked by firms, adding: “The growing proportion of older consumers now represents a big opportunity, but also a challenge, for the banks.
“To entice this older demographic when it comes to switching, lenders must focus on raising awareness of the ease and the perks of the switching process, particularly when it comes to money-saving features that could help address cost-of-living challenges.”
Nearly a quarter (24%) of people surveyed do not expect to switch bank accounts at any point in the future.
The Current Account Switch Service (Cass) was introduced over a decade ago to take the hassle out of switching current accounts, with payments being automatically moved over from the old bank account to the new one and a guarantee that switchers will not be left out of pocket if something goes wrong with the process.
OnePoll surveyed 2,000 people across the UK in October for KPMG.
