Cash In The Attic, Under The Mattress and in The Biscuit Barrel

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More and more of us are keeping large reserves of money hidden around the home according to a survey by the UK's leading high street retailer of home insurance, Swinton.

More and more of us are keeping large reserves of money hidden around the home according to a survey by the UK's leading high street retailer of home insurance, Swinton.

A survey of 1400 Swinton home insurance customers revealed that:

  •          28% of Britons have emergency money in a secret hiding place in the home
  •          43% keep up to £100 in cash in the house for emergencies
  •          9% have between £100 and £1000 hidden in their home
  •          3% have over £1000 stashed away
  •          55% report that the current uncertainty of the markets would make them more likely to want to keep their savings outside the banking system
  •          15% of respondents even refused to reveal their hiding place in the survey due to security fears

Out of those who kept a hidden stash:

  •     36% say it's because they like to have a ready source of cash close to hand
  •     34% say it's because of fears of the worsening economic climate
  •     12% report it as a protest against rising bank charges
  •     11% say it's because they are too lazy to put it in the bank

Steve Chelton, insurer development manager at Swinton said: "There's no good reason for keeping any large amount of money outside the banking system. The Financial Services Compensation Scheme (FSCS) has guaranteed saver's deposits up to a limit of £50,000 within each banking group, so even in the unlikely event of the bank being unable to produce the money deposited the average saver would be fully protected.

"In contrast most home insurance plans only cover the first £500. This means that burglary or a disaster such as a house fire could wipe out the bulk of any carefully stashed emergency fund with no hope of redress."

Keeping large amounts of money in a high-tech safe isn't always advisable either. Many safes are not fire-proof and if the safe is not completely secured it can be vulnerable to theft. Swinton advises policy holders to make sure their insurer is aware that they have a safe and that the policy limits are adequate to cover its contents.

About Swinton:

  •     With 580 branches nationwide Swinton is the UK's largest high street insurance retailer
  •     Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community
  •     Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance
  •     With a dedicated team of advisors on hand at every branch to search a panel of insurers to offer quality cover at competitive rates

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Anoushka Foster
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