New research conducted by GoCompare Home Insurance has revealed that 80% of people claimed to now store emergency cash at home following the carnage caused by TSB and Visa system failures, totalling £7.7bn.
GoCompare found that a majority of respondents said that they keep less than £100 at home, while one in ten stashed between £200 and £500 and 4% kept over £500 in case of an emergency. As a result of this, the average amount of cash held in the home is currently £187, a total of £7.7bn.
The research found that the recent financial IT failures, such as that from TSB and Visa, have prompted more people to keep cash at home, as 30% of people claimed to be worried about bank security. Almost 20% of respondents said that they wanted to rely less on bank and credit cards and so have reverted to using cash more frequently.
Furthermore, the question illustrated that 4% of Brits really do stash their cash under their mattress, with other popular hiding spots including; a home safe (36%), a drawer or cupboard (31%), a tin (18%), under floorboards (6%), in a book or CD case (4%), in the loft and either in the garage or garden shed, both at 2%.
Commenting on the findings, GoCompare Home Insurance consumer advocate Georgie Frost said: “The temporary collapse of Visa’s payment system coming hot on the heels of the unprecedented online banking failure at TSB has clearly left many consumers worried about their reliance on technology and card payments. So, it’s unsurprising that more people are now choosing to use cash more frequently and store sums at home to tide them over any future problems.
“However, some of the sums being stashed at home are eye-watering. If you decide to keep a reasonable amount of cash at home, check your home insurance to make sure you have the cover you need. Don’t store your money in places where it can easily be lost or damaged. Keep it in a safe place, ideally in a secure, fire and water proof container such as a home safe – not under the mattress or the bath.”
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