Brits 'fail to take care of savings'

Some ten million British people in the UK admit that they have forgotten about some of their savings accounts, despite the average held in such accounts amounting to around £600.

The survey by the Clydesdale and Yorkshire Bank reveals that British people may have lost a collective £6.1 billion by failing to check old accounts.

Around one in five place their money in kitchen drawers instead, while ten per cent still hide their money underneath mattresses.

There were stark regional differences in forgetfulness – people in Chelmsford, Essex had on average some £1,622.86 in accounts.

The problem may be down to British people not being sure where to keep their savings – nearly half (45 per cent) said they still owned a childhood money box in which to keep their money.

Commenting on the findings, the director of retail banking at Clydesdale and Yorkshire Banks, Steve Reid said: "Our research revealed that people are still keen to save this year and it's encouraging that people are putting money away for the future."

It could be a good idea to put finances in order especially if you are planning to write a will and are unsure of how much you will have to pass onto loved ones, friends and family.

Published on: January 24, 2011

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