Maw Comms news
2 Apr, 13 More Brits save in a ‘coin jar’ than in a bank or building society
£1.3 billion ‘under the mattress’ that people have not put in savings accounts
- The average UK coin jar holds £38.35
- 9 per cent of the nation’s coin jars hold over £100
- 45 per cent of Brits think it is a good way to save
- 11 per cent are saving up for something specific
- 13 per cent say it is an alternative to low interest rate accounts
More Brits regularly save cash in a coin jar than in a bank or building society savings account, according to new research released today. Over 10 million more people stash their cash in a coin jar or other container at home than make monthly savings into a bank or building society account.
The survey, commissioned by comparison site Gocompare.com, found that 33 million UK adults (69 per cent) have coin jar savings, while only 21 million (44 per cent) currently put money away each month in a bank or building society savings account.*
And it is young adults who are the most likely to swerve the traditional savings account for DIY savings at home, with over three quarters of 18 to 24 year olds ‘fessing up to using a coin jar.
The survey revealed that the nation’s coin jars are jam packed with an estimated £1.3bn of spare change, with the average pot containing £38.35**. Most jars contain coins of a small denomination (coppers, 5p, 10p, 20p coins) while 40 per cent of jars contain 50p coins, 31 per cent £1 coins and over a quarter (26 per cent) £2 coins. Nine per cent of ‘coin jars’ currently hold over £100.
Nearly half (49 per cent) of those who save coins at home do so because they don’t like carrying spare change around, while 45 per cent think that it is a good way to save. Twenty three per cent use the money saved to treat themselves, and 11 per cent save up their coins for something specific. However, 13 per cent 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 commented: “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 per cent of coin jars in our survey have over £100 in them.”
For further information please contact:
Lynsey Walden, Anders Nilsson or Martyn John at Gocompare.com on 01633 654 055 / 01633 657 599 / 01633 654 725
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Notes to Editors:
On the 4th-6th March 2013, Vision Critical conducted an online survey among 2,019 randomly selected British adults who are Springboard UK panelists. The margin of error—which measures sampling variability—is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.
* According to the Experian Demographic Summary there are 47,755,246 adults in the UK (aged over 18). Therefore 69% of Brits say they have a coin jar, equating to 32.9 million people. 44% of all those surveyed said they are currently putting money away each month in a savings account, which equates to 21 million.
** The average amount in a coin jar is £38.35 and there are 32.9 million people with a coin jar. So to calculate the total amount in the Nation’s coin jars: £38.35 x 32.9m = £1.26bn.
Gocompare.com launched in November 2006. It was founded by Hayley Parsons, who has worked her entire career in the insurance broking and aggregator markets. It was the first comparison site to focus on displaying product features rather than just listing prices, and it was this philosophy that led to Gocompare.com becoming the only price comparison site to be invited to join the British Insurance Brokers’ Association (BIBA).
Today, Gocompare.com has become one of the most successful comparison sites in the UK, with the equivalent of a quote being carried out every second during 2011. It provides one of the most comprehensive online car insurance comparison services in the UK as well as comparing home insurance, pet insurance, breakdown cover, and bike and van insurance.
With Gocompare.com, customers can also compare a wide variety of other products and services, including
credit cards, travel insurance and business products, plus gas and electricity and other household services.
Gocompare.com is authorised and regulated by the Financial Services Authority