One in 10 would keep cash under the mattressNew poll show confidence in banks is falling
26 April 2008
The number of people who think the best place to keep their money is under their mattress has nearly trebled during the past year, figures showed today.
Around 11% of people said they now thought their money was safest under their mattress, compared with just 4% 12 months ago, according to Newcastle Building Society.
The poll of 2000 people found that the crisis at Northern Rock and the credit crunch has caused people's confidence in banks and building societies to dive.
Just 57% of people said they now thought their money was safest with one of these institutions, down from 74% a year ago.
At the same time the number of people who claim they do not know where their money is safest has nearly doubled to 13%.
Wendy Lee, commercial director at Newcastle Building Society, said: ‘These findings are a stark sign of the times, but they are also exacerbated by the hype surrounding the credit crunch.
‘With some attractive savings products available, you might think people are barmy to stash their cash at home.
‘Unfortunately, some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case.’