Home cash hoarders miss interest payments
www.moneynews.co.uk > Banking > Home cash hoarders miss interest payments
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Money News |
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Home cash hoarders miss interest payments
Thu 31st May 2007
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The group estimates that some £3.5 billion is kept in the so-called 'Biscuit Tin Bank', with inflation eating away at their valued assets.
Approximately one in six Britons admit to keeping money in their property rather than investing it in a bank.
Some 15 per cent of consumers also keep up to £1,000 in their properties, while a small minority (two per cent) keep up to £5,000.
The reasons people give for stashing cash at home include not trusting banks sufficiently as well as needing to hide it from their partners.
Dr Alexander Koch, financial economist at Royal Holloway University, who carried out the research, commented: "Keeping cash at home is not wise: the British are throwing away the opportunity to easily earn several hundreds of millions of pounds of interest over a few years."
Related News : Banking |
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