Britons hoarding millions, says Visa UK

27 September 2005
Brits lose £50 million a year in interest by leaving loose change lying around in their homes.

Over half of 18 to 24-year olds admitted that they 'forget' they have loose change at home which is worth, on average, £51 according to the study.

Seven per cent of people surveyed had a whopping £200 or more in their pockets and down the back of the sofa.

Vice President of Visa UK, Greg Twitcher, said: "It's amazing to see how much change we keep lying around our homes and how we could be losing out on interest because of this.

"This is another reason why using cards instead cash can save you money. Cards provide a much more convenient, efficient and secure way of managing our money as they offer a means of paying for goods to the penny and therefore allow us having greater control over our finances."

The survey also found that a third of us spend loose change on things we do not need just to get rid of it.

An earlier survey by Visa UK found that we spend £1,700 a year on things that we can't account for.

Research into spending habits last month, commissioned by banking and finance company Jonathan Wren, estimated that the amount of loose change lost or lying at home was in the region of £1 billion.

Less than a quarter of people surveyed intended to actually spend the loose change or take it to the bank.

Men were the most careless with their money, accounting for three-quarters of lost money.

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