Brits ‘losing faith in their banks’

British consumers are losing faith in the banks and other financial services firms they find on the high street, according to a recent study.

Since the start of the credit crunch, millions of UK consumers have seen their debt management problems worsen and people are generally becoming less trusting of their financial service providers.

In fact, research carried out on behalf of the Newcastle Building Society has suggested that one in ten Britons would now prefer to stash their money under their mattress than invest it in a bank account of any kind.

Furthermore, the study also established that only a quarter of consumers around the country now consider a bank account to be the safest place for their hard-earned money.

Last week, Citizens Advice urged British banks not to charge people who are struggling to become debt free when they enter an overdraft without prior permission.