Willingness to change primary banks among Gen Z bank account holders in the United Kingdom (UK) almost doubled between 2019 and 2024. According to Statista's Consumer Insights, the share of bank account holders who were were willing to change their primary bank on the next possible occasion was 28 percent in the first quarter of 2024, two percentage points lower than in the fourth quarter of 2023. The most significant increase took place in 2020, signalling that the spread of neobanks during the COVID-19 pandemic decreased consumer loyalty among the respondents.
Share of Generation Z customers willing to change their primary banks in the United Kingdom (UK) from 1st half 2019 to 1st quarter 2024
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Share of respondents
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The original question was phrased by the source as follows: "How likely are you going to change your primarily used bank on the next possible occasion? (single-pick)." One selection of the following answers were possible:
- Very likely
- Likely
- Neither likely nor unlikely
- Unlikely
- Very unlikely
- Don't know
The displayed figures were recoded based on the above question. The number of respondents differ in each survey update. More information on the methodology can be found here.
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Statista. (May 21, 2024). Share of Generation Z customers willing to change their primary banks in the United Kingdom (UK) from 1st half 2019 to 1st quarter 2024 [Graph]. In Statista. Retrieved September 08, 2024, from https://www.statista.com/statistics/1401149/gen-z-willingness-to-change-primary-bank-in-the-uk/
Statista. "Share of Generation Z customers willing to change their primary banks in the United Kingdom (UK) from 1st half 2019 to 1st quarter 2024." Chart. May 21, 2024. Statista. Accessed September 08, 2024. https://www.statista.com/statistics/1401149/gen-z-willingness-to-change-primary-bank-in-the-uk/
Statista. (2024). Share of Generation Z customers willing to change their primary banks in the United Kingdom (UK) from 1st half 2019 to 1st quarter 2024. Statista. Statista Inc.. Accessed: September 08, 2024. https://www.statista.com/statistics/1401149/gen-z-willingness-to-change-primary-bank-in-the-uk/
Statista. "Share of Generation Z Customers Willing to Change Their Primary Banks in The United Kingdom (Uk) from 1st Half 2019 to 1st Quarter 2024." Statista, Statista Inc., 21 May 2024, https://www.statista.com/statistics/1401149/gen-z-willingness-to-change-primary-bank-in-the-uk/
Statista, Share of Generation Z customers willing to change their primary banks in the United Kingdom (UK) from 1st half 2019 to 1st quarter 2024 Statista, https://www.statista.com/statistics/1401149/gen-z-willingness-to-change-primary-bank-in-the-uk/ (last visited September 08, 2024)
Share of Generation Z customers willing to change their primary banks in the United Kingdom (UK) from 1st half 2019 to 1st quarter 2024 [Graph], Statista, May 21, 2024. [Online]. Available: https://www.statista.com/statistics/1401149/gen-z-willingness-to-change-primary-bank-in-the-uk/
