People relying on face-to-face banking and cash are facing a “downward spiral” as the UK marches towards a cashless economy, charities say.
Nearly one in four free ATMs have disappeared since 2018 and almost half of the UK’s bank branches have seen closures since 2015, according to a Which? analysis.
The consumer group said the fast-moving transition towards a cashless society is proving to be extremely difficult for the elderly, especially in rural areas.
On Monday, the last remaining bank branch on the Isles of Scilly closed, meaning its 2,300 residents will have to take a plane or ferry to visit the bank in person.
The nearest bank branch for Scilly residents is now Penzance, in Cornwall – a journey of more than five hours by a ferry.
Read more: Millions face ‘downward spiral’ as cash deserts spread across the UK