Brits opt for coin jar savings regime

pound-coins-sterling

More Britons regularly save money in a coin jar than in a bank or building society savings account, according to new research from Gocompare.com.

Over 10 million more people keep their cash in a coin jar or other container at home than make monthly savings into a bank or building society account.

The comparison site found that 33 million UK adults (69%) have coin jar savings, while only 21 million (44%) currently put money away each month in a bank or building society savings account.

The survey found an estimated £1.3 billion is being kept in spare change, with the average pot containing £38.35. Most jars contain coins of a small denomination (coppers, 5p, 10p, 20p coins) while 40% of jars contain 50p coins, 31% £1 coins and over a quarter (26%) £2 coins. 9% of ‘coin jars’ currently hold over £100.

49% of those who save coins at home do so because they don’t like carrying spare change around, while 45% think that it is a good way to save. 23% use the money saved to treat themselves, and 11% save up their coins for something specific. However, 13% use a coin jar because they think it is a waste of time putting money into a savings account due to current low interest rates.

Jeremy Cryer from Gocompare.com said: “Coin jars are clearly a convenient way of storing nuisance loose change from pockets or purses, but for many people they are also a way of saving small amounts of cash.

“Our survey shows that they are being used as an alternative to traditional easy access savings accounts to save significant amounts of cash, often for a specific purpose.

“While many of us have probably emptied out coppers into a jar instead of carrying them around there are a lot of people saving up £1 and £2 coins at home as well as £10 and £20 notes. Indeed, nearly 10% of coin jars in our survey have over £100 in them.”

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