Savers ''still keep cash under mattress''
03/07/2009
By Matt Gardner
In a move to more old-school ways of keeping cash safe, many people have taken to storing their money under their mattress in the credit crunch, according to a new survey.
More Than, the home insurance firm, found that two-thirds of adults in the UK do not have faith in banks anymore and one in ten admitted to storing some of their beloved cash under their bed.
However, Pete Markey, a spokesman for More Than, said people are looking at less kosher ways of addressing the safety of their nest eggs.
He continued: "But while we can understand why people want to stay cautious, there is no better place for savings than the bank, particularly for large sums.
"Keeping cash under the bed might make savers feel better in the short term, but risks leaving them high and dry should the unthinkable happen."
Earlier in the month, one woman''s mattress-based saving plan backfired massively, after her daughter bought her a new one and threw out the old bedding, which contained £700,000.
