Based on the findings of a survey conducted by Virgin Money, over seven million Britons are keeping an estimated £1.3 billion worth of cash in their homes due to the dwindling interest rates on savings and the convenience of having cash to hand.
Out of the 2,000 respondents who participated in the survey, 30 percent were unhappy with the interest they were making on other savings, 17 percent said their savings were generating no interest at all while only 27 percent said they were happy with their current interest rate from the bank.
The survey revealed that British men keep more money at home than women, averaging around £53.80 and £31 respectively. The most common reasons provided by the respondents for keeping cash at home instead of bank accounts and Individual Savings Accounts (ISAs) include being able to see and use the money for everyday spending.
The findings also identified some of the popular places to store cash:
On a desk or table (16%)
Piggy banks (14%)
Glass jars (12%)
Large bottles (7%)
Sock drawer (5%)
- Under the mattress (0.5%)
What would make Britons move their moneys to the banks? It would require at least an average of £120 in additional interest a year to change their mind.
Read the original article written by Jane Denton published on This is Money here.