Nation of savers: Brits have £1.5 billion in piggy banks or coin jars
HOARDING Brits have a staggering £1.5 billion in piggy banks or coin jars.
Martin Lewis gives his best money saving tips
Six in 10 people think piggy banks are a great way to save, compared to 55 per cent who make regular savings into a bank or building society account.
The survey found that significantly more people drop money into a piggy bank or coin jar than make regular savings into a bank or building society account.
While 35.7 million Brits collect cash in a piggy bank or coin jar, just 26.9 million make regular savings into a bank or building society account.
Britons have a staggering £1.5 billion in piggy banks or coin jars
Women are more likely than to save coins and notes in a jar or piggy bank.
While we might be moving closer to a cashless society, it seems that the humble piggy bank is still a favourite for many people
The research found that coin jar savings can quickly add up. One in eight people with money in a jar or piggy bank have saved more than £100, while five per cent thought they had squirrelled away £250 or more.
The survey of 2,000 people by website Gocompare Money found 78 per cent of women have coin jar savings compared to 68 per cent of men.
But, the average contents of men’s piggy banks are higher than women’s - £48.78 for men compared with £39.53 for women.
Six in 10 people think piggy banks are a great way to save
When asked why they collect money in a piggy bank or penny jar, 58 per cent said it was a good way to save, over half (53 per cent) did so because they do not like carrying loose change, while just under a quarter (24 per cent) use the savings for treats.
One in seven people use coin jars to save for something special and 12 per cent said putting money into a savings account was a waste of time due to low interest rates.
Matt Sanders, from GoCompare Money said: “While we might be moving closer to a cashless society, it seems that the humble piggy bank is still a favourite for many people.
One in eight people with money in a jar or piggy bank have saved more than £100
“However, if you are a coin jar hoarder, be sure to check for old style £1 coins which will become worthless this year.
"The new 12-sided, bimetal, £1 coin came into circulation on 28 March 2017 and replaces the round £1 coin which will cease to be legal tender after October 15 this year.
“Any old £1 coins will need to be exchanged at a bank or spent them before the deadline date otherwise rainy day savings could be reduced to nothing.”