Three in 10 Americans Haven't Visited Bank Branch in Six Months

NEW YORK, March 24, 2014 /PRNewswire/ -- Three in 10 Americans haven't visited a bank or credit union branch in at least six months, according to a new Bankrate.com (NYSE: RATE) report. Half of Americans have visited a branch to conduct personal financial business within the past 30 days (ATMs were not included in these figures).

While there was some variation among different age groups, it was not as wide as expected. Among those under age 30, 42% have been to a branch within the last 30 days compared to 52% of those over age 50.

One in five retirees has not visited a branch in over a year. Fifty-three percent have done so in the past 30 days, slightly more than the 50% figure for the overall population.

"The number and location of bank branches, as well as their functionality, will continue to evolve, but clearly they're not going away," said Greg McBride, CFA, Bankrate.com's chief financial analyst.

Bankrate.com also announced that its Financial Security Index clocked in at 102.2 in March, up from 99.3 last month. That is the third-highest reading since Bankrate began these monthly polls in Dec. 2010. Readings above 100 indicate higher financial security than the previous year. The index's five components are savings, debt, net worth, job security and overall financial situation.

For the third consecutive month, all components except savings indicated improvement from one year ago. Compared to one month ago, all components improved except for job security, which was essentially flat.

Twenty-seven percent of Americans report a higher net worth than one year ago, versus just 16% who report a lower net worth. Americans who note an improved overall financial situation outnumber those whose financial situations have deteriorated by a three-to-two margin.

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:

http://www.bankrate.com/finance/consumer-index/financial-security-charts-0314.aspx

Click here to tweet about this:

http://ctt.ec/1lV67 

PSRAI obtained telephone interviews with a nationally representative sample of 1,003 adults living in the continental United States. Interviews were conducted by landline (501) and cell phone (502, including 280 without a landline phone) in English and Spanish by Princeton Data Source from March 6-9, 2014. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.5 percentage points.

About Bankrate, Inc.

Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe, Bankrate.com.cn, CreditCards.ca, NetQuote.com, and CD.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 80 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.

For more information:

Caroline Farhat
Publicist, Bankrate, Inc.
[email protected] 
(917) 368-8638

Logo - http://photos.prnewswire.com/prnh/20130805/FL58072LOGO

SOURCE Bankrate.com