Brits more interested in saving in jars than banks
MORE Brits are saving into a coin jar than into an account with a bank or building society, new findings show.
Research by price comparison site GoCompare. com found that 33 million UK adults (69 per cent) have coins stashed in a jar, while only 21 million (44 per cent) put money away each month into a bank or building society savings account.
According to the findings, the nation’s coin jars contain an estimated £1.3 billion of spare change, with the average pot containing £38.35.
However, almost 10 per cent of coin jars have more than £100 in them.
Nearly half of those who save coins do so because they don’t like carrying spare change, while 45 per cent think it is a good way to save.
Coin jars are clearly a convenient way of storing loose change, but for many they are also a way of saving
Just under a quarter use the money saved to treat themselves, and 11 per cent save for something specific.
Some 13 per cent think it is a waste of time putting money into a savings account due to the low interest rates.
“Coin jars are clearly a convenient way of storing loose change, but for many they are also a way of saving,” says Jeremy Cryer from GoCompare.com.
“Our findings show they are being used as an alternative to traditional easy-access savings accounts to save significant amounts of cash, often for a specific purpose.
“There are a lot of people who are saving £1 and £2 coins at home.”