Cash under the Mattress and Forgotten Pennies!

People use various types of Investment and Savings methods… Property, Building Society, Stocks & Shares and their mattresses… yes, really, their mattresses! A great article in ‘House Beautiful’ suggests that the mattress is still a hiding place for cash…

“Brits are still hiding money under their mattress, a new survey has found. The research, undertaken by pension advice specialist, Portafina, polled more than 1,500 adults about the amount of cash they carry and how much they keep at home – and the average Brit carries just £28 in 2017.

Men typically carry significantly more money than women (£37 versus £19), and there are some noticeable differences based on location too. Those living in Dublin carry the most (a massive £197 on average), compared to those in Liverpool, with £16 on average.

With the rise of digital payment methods, including PayPal and debit, credit and contactless cards, a third (36%) said they found these forms of cashless payments easier overall. But despite this, we still like to have cash at home.

The average amount of money kept at home is £110, with some 77% still proactively stashing notes or coins in their abode. Of this, 41% keep their loose change in a jar and 10% hide money under their bed or mattress.

Having ‘readies’ at home is more likely to happen among men aged 45-54, who on average keep at least £200. Does this mean we’re saving money for a rainy day?

This is in addition to around £20 of forgotten change found hidden in coat pockets, suitcases and gym bags.

From the research, the most common forgotten funds were:

Old purse/wallet – on average containing £2.30
Gym bag – on average containing £1.20
Suitcase – on average containing £1.50
Coat/jacket pockets – on average containing £2.34
The average car owner will have £2.45 in change in their vehicle

Jamie Smith-Thompson, managing director at Portafina, said: ‘Digital payment methods have undoubtedly become mainstream in the last decade and we are clearly approaching a tipping point where a cashless society becomes a reality for most people in the not too distant future. However, it must work for everyone.

‘From a psychological point of view, people still like physical notes and coins because it is tangible wealth and financial security in the palm of their hand. It will take a few years for people to feel comfortable with just a number on a screen – even if “going cashless” in the long run makes tracking spending and completing financial transactions simpler, easier and safer.”

 


On a similar topic, ‘House Beautiful’ also highlight another issue that I’m sure relates to everyone reading this!

“When’s the last time you looked behind and underneath your sofa?

If you’re not too frugal with money, then you could be sitting on a fortune, as more than £3 million is lost down the back of the nation’s sofas each year, with two in five (42%) finding more than £10, new research reveals.

And it’s not just money, common items found include uneaten food (27 per cent), car keys (21%), glasses (18%), lost bankcards (15%), and even underwear (8%). But it gets worse, as respondents admitted to discovering old chewing gum, dog chews, a condom and even a couple of mice.

The survey of 1000 people revealed 76% of UK adults clean their sofa less than once a month on average. Remember, a clean home is a happy home!

Sofa and carpet retailer SCS actually undertook the research to encourage people to spring into action and discover what’s at the back of their sofa, especially cashing in on any old £1 coins and £5 notes before they go out of circulation.

Looking into the most common misconceptions surrounding the new money in circulation, it was found that:

47% don’t know that the old £1 will no longer be legal tender after October 2017

46% don’t know that old fivers went out of circulation on Friday 5 May

23% think old fivers go out of circulation in October 2017

16% believe they have until 2018 to spend old £1 coins

12% think that they will always be able to spend old £1 coins and £5 notes.

If you do find old money after these dates then fear not, as you’ll be able to exchange it at banks, building societies and the Post Office.”

Get checking your sofa’s before someone else does!