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Under-25s most likely to swap banks

Lucinda Beeman
Written By:
Lucinda Beeman

A fifth of under-25s are likely to swap their current accounts using the Current Account Switch Guarantee, according to YouGov, compared to just eight per cent of over-55s.

This is despite a much greater awareness of the service amongst over-55s. Just a quarter of young people were aware of the service, compared to 40 per cent of their older counterparts.

There is also a disparity between the number of people who say they will switch and those who actually follow through. Some 14 per cent of people expressed a desire to swap banks while just 6 per cent of people have actually done so.

The main barrier, according to YouGov, is that consumers do not think switching will make much difference. Fewer than one in five (17 per cent) of UK adults feel that current account providers are different enough from one another to justify making a change.

Jake Palenicek, director of financial services research at YouGov, said: “There is still some way to go until people start treating their current account providers the way they treat their insurance companies and move around in search of the best deal. It will be interesting to see whether the introduction of non-traditional current account providers – such as the more service-focussed approach from the likes of M&S and Tesco – has an impact on the market.”

Learn how to find the right current account for you here.