Britons stash over £1bn at home as interest rates on savings dwindle
I read an interesting report this week that brought a smile to my face. It appears that over seven million Britons stash cash away in their homes, with around £1.3 billion languishing in spots such as piggy banks, teapots and even freezers. Drawn by the convenience of having cash to hand and dismayed by dismal interest rates, British adults are squirrelling away sizeable sums at home, it has been reported.
Only 27 per cent said they were happy with the interest rates accruing on their savings, with many adults saying their children now save more in bank accounts than they do. On average, people said they would need to be able to generate at least £120 in additional interest a year to be persuaded to move their money.