Rich and poor considering "Bank of Mattress"

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Rich and poor considering "Bank of Mattress"

A fifth of people in debt and a quarter of those with assets over £1 million would prefer to keep their money in cash under their mattresses, a survey by retirement income specialist MGM Advantage suggests.

But 55 per cent of Britons would still prefer a traditional savings account, with women placing more faith in them than men.

Six out of ten women questioned in the 3,000-strong nationwide survey preferred a savings account, compared to 48 per cent of men.

Just 12 per cent of Britons say they will be considering the UK property market this year, a figure that falls to seven per cent in Liverpool.

Three per cent plan to invest in overseas property.

A study by investment firm Skandia earlier this year, reported in the Western Mail newspaper, found that high earners planned to benefit from the credit crunch through the stock market.

The survey, published in April, found that 29 per cent of those earning more than £50,000 were revising investment plans to make the most of volatile markets.

Middle earners were instead relying on their homes, with 12 per cent saying their property was the only investment they needed, compared with three per cent of high earners.
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