Brits stash cash under the mattress
10/01/2011
The appeal of storing cash in bank accounts is taking a hit, with people instead opting to keep it in the home, a new survey has revealed.
Among the most popular places to put money is under the mattress, with estimates from the Financial Services Compensation Scheme (FSCS) showing that around £7 billion is lying around the country's homes.
Martin Lewis of MoneySavingExpert.com, however, warned that people's home insurance may not cover them if their cash is stolen.
"Put cash under the mattress and even top home insurance policies only cover about a grand," he noted.
Additional figures from the FSCS show that 13 per cent of individuals believe in keeping cash in their properties, with those between the ages of 16 and 34 the most likely to have this view.
It was recently reported by Furniture Today that knowing which mattress to choose is often a difficult task, as many people do not realise how significant it is to the quality of sleep they get.
Posted by Elizabeth Mewes
