Small change ‘can add up to big savings’

Millions of pounds could be going to waste as a result of Britons failing to make the pennies count, new research has shown.

According to a new study from Lloyds Bank, millions of people are leaving loose change in pockets, their car, cupboard drawers and the office every month, with the equivalent of £700 million every year going to waste up and down the country.

The research revealed that, on average, men accumulate £20 of loose change every month and women hold on to £10, with this money simply being left around the house or in other places where it is not being put to good use.

Overall, 91 per cent of respondents stated they keep loose change in a variety of places, with 43 per cent having a wallet or purse bulging with smaller denomination coins – the equivalent of £312 million across the UK.

Meanwhile, 17 per cent of people make use of a money jar (£123 million), seven per cent simply leave change in their bedroom (£51 million), six per cent in pockets (£44 million), four per cent in piggy banks (£29 million) and two per cent in cars (£17 million).

Phillip Robinson, director of current accounts for Lloyds Bank, commented: "Now that we're more likely to buy something online or pay by card, we pay less attention to unused cash and often forget about it. But if we want to make it work harder, it's a great opportunity to manage our money more wisely."

Indeed, budgeting effectively and keeping track of finances should be a basic practice all Brits look to achieve, as doing so could help the millions of households across the UK that are continuing to struggle to make ends meet despite reports that the economy as a whole is now improving.

Individuals that have serious financial worries should consider talking to a professional adviser, who could help set them on the right track to a more secure financial future.

Posted by Joe White