High street decline a key issue for locals, according to study

More than a quarter of Lancastrian survey respondents said high street decline was a top issue facing their local community, according to a recent study.

Cumberland Building Society conducted the research following the closure of major banks and building societies from Britain’s high streets, with about 6,600 branches closing since 2015.

Further research research from the Building Society Association found that 91 per cent of people said their local branch was important to their financial wellbeing and 75 per cent said it made managing money easier. The same research found 96 per cent of people believed branches help keep high streets thriving.

Cumberland Building Society made the announcement as it committed to maintaining a presence on local high streets. The society currently has branches in Preston and Lancaster.

Stuart Miller, chief executive of Cumberland Building Society, said: “These findings reflect the concerns we hear every day from the communities we serve. The high
street is not just a place to shop, it is where people bank, where businesses trade and where the community comes together.

“When banks leave, they take more than a service with them. At The Cumberland, being an active member of our community is not optional, it is fundamental to
who we are so we simply won’t follow the crowd and leave. Quite the opposite, we’ll double down by publicly committing to stay and going further with a multi-million pound investment programme into the branch network.”