Change of address could leave savers out of pocket

12 May 2005
It might seem unlikely that you'd forget about money in the bank, but research from National Savings and Investments (NS&I) suggests that a growing number of people could lose touch with their savings when they move house.

The government-backed savings provider found that one in four people who move home fail to give their financial providers their new address.

This easy oversight could see each saver leave behind an average of £11,770, based on the total amount of savings in the UK and the number of people who moved house last year.

First-time buyers and young renters are the worst culprits, with 40 per cent of 25 to 34 year-olds forgetting to inform their financial institutions about their change of address, NS&I reveals.

"Moving home can be a particularly stressful time but it's worrying to see that so many people are still forgetting to give their new address to their financial providers when they move," said Karen Jones, NS&I marketing director.

"Without this vital information we cannot keep in touch with customers. And in the long term, this can result in significant amounts of people's hard earned savings becoming lost or forgotten."

The research also found that one in seven people believe they have lost touch with savings from childhood.

Click here to find out more about savings and investments.

track© DeHavilland Information Services plc