Brits Hold Cash at Home

Published on 1 January 1970 by Raffick Marday

New figures show that Brits hold more than £7 billion in cash at home.

Excluding money in their wallets, figures from the Financial Services Compensation Scheme (FSCS) found that the average amount people have at home is just over £280. Across the country, the UK's 24.9 million households have over £7 billion in cash.

One of the biggest dangers of keeping hold of cash at home is the danger that you will spend the cash quickly on unnecessary items. If you are keen to keep your money in check this year try using a prepaid credit card to make your purchases with.

It helps you stay within your budget as the card user can only spend the amount they loaded onto the card, so he or she is unable to overspend or get into debt.

37% of those questioned say they have less than £20 at home, 4% said they had over £1,000 lying around the house. This included 1% who admit to stashing more than £10,000 at home.

The survey reveals that over one in ten (13%) people believe in keeping their cash at home.

Mark Neale, Chief Executive of the Financial Services Compensation Scheme added that those deciding to keep money at home, whether as savings or for convenience, may not be covered by household insurance in instances such as burglary.

A worrying two million people have used credit cards to pay their mortgage or rent in the last year new research conducted by YouGov for Shelter in August 2010 revealed how many people are struggling with housing costs.

They found six percent of the 2202 people surveyed had borrowed money on their credit card to pay their rent or mortgage in the last 12 months, compared to just four percent in November 2009.

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