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Young people no longer regard cheques as important

8th April 2014 Print

When choosing a current account provider, young people are unlikely to regard the provision of a cheque book as important.
 
Research conducted on behalf of budget account provider thinkmoney reveals that, when considering what features would be most important to them if choosing a current account, only 3% of 18 to 24-year-olds say that a chequebook would sway them. The numbers aren’t much higher among 25 to 34-year-olds either; with fewer than one in 10 (9%) of this age group saying the provision of a cheque book would attract them to an account.
 
Up to the age of 54 years old, fewer than one in five customers see an advantage to having a cheque book. However, among the 55 to 64-year-old age group, a quarter (26%) of respondents reveal that having the option of paying by cheque would attract them to an account.
 
Cheque provision is most popular among people aged 65 and over, with more than a third (37%) saying it’s something they look for when choosing a current account provider. Of the same age group, only 3% claim they would prioritise an account that offers mobile banking, compared to 27% of 18 to 24-year-olds.
 
Overall, cheque books are something just one in five (19%) people across the UK regard as an important feature to have with a current account. In comparison, online banking is something 80% of respondents say they would prioritise.
 
Ian Williams says: “It has a history in banking that spans hundreds of years, but it seems the time of the cheque is almost over. With young people placing an increasing priority on technology like online and mobile banking when choosing a current account, the ability to pay by cheque is not thought of as important among this generation.
 
“However, many older people still prefer to have the option of paying by cheque. Until that changes, cheques will continue to play an important, if reduced, role in money management.”