'£385m in loose change' in the nation's piggy banks
www.moneynews.co.uk > Banking > '£385m in loose change' in the nation's piggy banks
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Money News |
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'£385m in loose change' in the nation's piggy banks
Wed 17th Feb 2010
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Research by money.co.uk has found that British savers could be losing out on a combined £12 million in interest every year for not investing their funds into a bank account.
This sum breaks down into an average of £24.54 each being squirreled away by 16 million people to be changed into notes and spent at a later date.
Chris Morling, managing director of money.co.uk, said: "According to our figures, three times as many households are now 'watching the pennies', which explains the rise - perhaps simply because people are more careful with money in tougher times."
One of the reasons why people are choosing to keep their money at home rather than in accounts could be down to lack of trust with the banks. It was found by money.co.uk earlier this year that just seven per cent of people fully trust their institution to treat them fairly.
Click here for more banking news
Related News : Banking |
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