292 Lloyds branches closing in 2025 raises concerns for elderly
- Lloyds Banking Group will close 292 branches throughout 2025, raising concerns for elderly and vulnerable customers.
- The shift to online banking has increased dependency on banks, but many elderly individuals may struggle with digital services.
- Experts warn that these closures could lead to further isolation of vulnerable populations, highlighting the need for accessible banking solutions.
The announcement of 292 branch closures by Lloyds Banking Group throughout 2025 has raised significant concerns, particularly for elderly and vulnerable individuals. Alastair Douglas, CEO of TotallyMoney, highlighted that the ongoing cost of living crisis has increased reliance on banks for financial management, both in-person and online. This shift towards digital banking, while beneficial for banks, poses challenges for those who may struggle with technology. The Financial Ombudsman Service reported a ten-year high in complaints related to banking and payment issues, indicating growing dissatisfaction among customers. The combination of branch closures and the rise in sophisticated fraud schemes could severely impact the elderly, who may lack the skills or understanding to navigate online banking services. Douglas emphasized the urgency of ensuring that vulnerable populations are not excluded from essential banking services as the industry moves towards a more digital landscape. He urged individuals to seek banks that cater to their financial needs and provide adequate support. In light of these changes, he advised consumers to reconsider their banking loyalty, as switching accounts has become easier with the Current Account Switch Service Guarantee, which automates the transfer of payments and balances. This shift could help mitigate the risks posed by the closures and the increasing reliance on digital banking platforms.