Britons who choose to keep their money at home rather than in a bank or building society are putting their finances at risk, it has been suggested.
According to Abbey, 4.6 million people choose to store their cash in their properties, with the average person keeping £729 in their home.
But those who do so are jeopardising their finances, as many home insurance policies will not cover this money in the event of it being stolen in a burglary.
Tony Beckwith, chief operating officer for Abbey, said that it “doesn’t make sense” to keep money at home rather than in a bank, adding: “You’re not going to earn interest on cash stuffed under the mattress.”
Those looking to become debt free may wish to follow Mr Beckwith’s advice and pay their money into an account where it can be earning interest.
Recent research by Axa found that many Britons are underinsuring the contents of their homes, with the average household being insured for £9,000 less than the actual value of items.
By Tom Musk