Shared bank branch trials to be extended
A variety of services are available
Trials of shared banking hubs are to be extended in two communities where all branches have closed down.
Premises managed by the Post Office offer a range of services including counter staff, ATMs and the opportunity for local businesses to deposit cash.
Staff from different banks will be available to help with some transactions.
The trials are taking place in Cambuslang, South Lanarkshire, and Rochford, Essex were due to end in October but will now run until April 2023.
The trials are part of a wider project aiming to test ways to ensure people and businesses have access to cash.
It also addresses the issue of bank branch closures, which are showing signs of accelerating as the UK emerges from the Covid crisis.
Natalie Ceeney, who oversees the trials, said: “It is really clear that the hubs have been hugely popular and it would be a bad decision to close them.
“The banks have therefore taken the view that they want to keep them open, and keep innovating in them so we can refine the model further.”
Four in ten young people do not understand mortgages
A quarter (25%) of young people say a lack of knowledge is a key barrier to home ownership, with four in ten (39%) unable to confidently explain how a mortgage works, according to new research.
A survey by Bank of Scotland of more than 2,100 18 to 34 year olds living in Scotland, found that the greatest obstacles to getting onto the housing ladder remain affordability (73%), saving for a deposit (62%), and the availability of suitable properties (34%).
Currently, around half of young Scots either rent from a private landlord (34%) or live with their parents (16%), and a fifth (21%) hold a mortgage.
Fewer than a quarter (23%) of those living with their parents are doing so through choice, and three quarters (75%) are living in the family home, as they’re unable to afford to move out.
Young Scots who are aiming to get a foot on the property ladder, believe this will be achievable by the age of 31 – slightly longer than the current average age of Scotland’s first-time buyers of 30.
Some of the nation’s young adults anticipate their home-owning dreams to be boosted by inheritance, with one in three (34%) expecting to receive inheritance in the future, with half (50%) intending to spend this money on a property.
However, just over one in 10 (11%) believe they will never be in a position to afford their own home.