Saving cash at home

Posted 2008-04-27

New research has found that one in ten people in the UK would feel more comfortable saving their cash at home.

While the majority of those questioned by the Newcastle Building Society preferred to keep their money in a building society, with 34 per cent or respondents saying so, the number of people preferring to keep their money at home has risen to 11 per cent.

Last year, a survey found that banks and buildings societies were the most secure places to keep money, with 28 and 46 per cent respectively.

Recent research has shown that confidence fall by 17 per cent and Wendy Lee, commercial director at the building society, believes peoples fears may be misplaced.

"With some attractive savings products available, you might think people are barmy to stash their cash at home. Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case," she said.

The Midlands and Wales were found to have the most people keen to keep money at home, with figures of 15 per cent.

A savings expert recently claimed that more and more young people are saving their money rather than spending it.

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