Are you hiding your money in the home?
June 13, 2008
According to recent research a high number of consumers in the UK tend to hide at least some of their money around the home, putting themselves at risk of financial losses through theft or loss and failing to earn any interest on the money that they have hidden around the home. Amongst the common – of rather clichéd – places to hide money are in a biscuit tin, under the mattress, and most commonly simply stashed in drawers around the home.
The data indicated that as a whole Brits tend to stash a little over £4.5 billion in their homes. Many state that this is so that they have easy access to their money if and when they need it right away, saving them the hassle of having to go to a cash point or to the local branch of their bank or building society in order to take their money out. However, another recent report has shown that consumer confidence in banks and financial institutions is dwindling, particularly in light of the recent Northern Rock situation, and this could see an increase in the amount of cash that is stashed in homes around the UK.
The amount that the average Brit stashes in the home is not huge, amounting to around £127. However, according to reports around 8% of consumers tend to keep between £300 and £1000 in the home. Over 40% of consumers questioned as part of the research said that it was a good idea to keep at least some cash around the home in case of emergencies or to be used as a reserve fund. Some did add that they were worried about the stability of banks, hence their decision to keep their savings at home, and others simply liked the ease and convenience of having money in the home.
Recent additions:
- Younger people must start investing in their futures
- Much of the UK fails to save money
- Twenty percent of Brits are keen savers
- 7% available on some savings accounts
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