Brits hiding their cash around the house
October 29, 2007 by admin
Filed under News, News-Banking
A recent report has revealed that an alarming number of Brits like to hide money around their homes in order to have ready cash when they need it rather than having to go to a building society, bank, or cash machine in order to get their hands on the money.
It is estimated that around £4.6 billion is stashed around the homes of consumers in Britain, with a number of firm favourite hiding places having been identified by many people who keep their money around the house.
Cornhill Insurance carried out a study that suggests that around 8% of Brits stash between £300 and £1000 around the house. The average amount each Brit hides around the home is around £127. Although some people keep this money in a safe, there are still many that use biscuit tins and hide money under mattresses. Drawers have come out as a firm favourite to stash the cash amongst Brits.
Fifteen hundred people were questioned as part of the survey and around 40% stated that keeping some money in the home was a good idea. Many of those stated that the money was used for emergencies as a reserve fund, whereas others said that they just liked the ease and convenience of being able to get at the cash when they needed to. Some also stated that they were worried about bank charges and even the collapse of their bank, hence preferred to keep savings in the home.
A third of the total number of people that were questioned stated that they were worried about leaving cash around the home, and around 10% said that money had gone missing from their homes.
Tom Smith
29th October 2007
