July 2009

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~ Report reveals lack of trust leaves British savers at risk ~

 

A consumer confidence crisis in the banking industry is putting British savers at risk to the tune of £9.26 billion¹.

This is according to a report from home insurers MORE TH>N that reveals two-thirds of British savers (60%) no longer trust the banks to safeguard their savings and 3.2 million people (8%) admit to keeping all of their savings under the mattress. With the average UK adult having savings of £19,700², Brits could be leaving themselves particularly vulnerable in case of a break-in.

The research also reveals that one in ten (12%) people report keeping at least some of their savings at home since the start of the banking crisis. This shift towards stashing money at home comes despite a growing fear of crime sweeping the nation. MORE TH>N also reveals that 8% of householders expect their home to be burgled before the end of 2009.

MORE TH>N spokesperson Pete Markey said, “As a result of the well-reported banking problems and low interest rates, it is increasingly tempting for savers to look for unconventional methods of keeping their nest egg secure.

“Whilst we can understand why people might want to stay cautious, there’s 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.”

Around the UK, people living in Belfast (22%), Newcastle (15%) and Bristol (15%) are most likely to stash their cash under the mattress, with people in Glasgow (9%) least likely to keep their savings at home.

MORE TH>N’s new contents insurance offering makes it easy for customers to ensure all their belongings are covered. All MORE TH>N protected homes are covered up to the value of £75,000 as standard, whereas some insurers’ policies can leave customers woefully underinsured. MORE TH>N Home Insurance offers £250 cash cover for money kept in the home.

For more information on home security, or for a quote, call 0800 107 1905 or visit

 

 

www.morethan.com

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