According to a survey by Virgin Money in the UK, 7.6 million adults say they are hoarding cash representing an estimated total of £ 1.3 billion. The main reasons for saving cash are:
- To have money where they can see it (29%)
- Becasue they use it for everyday items (16%)
- Because they like to be able to access it at all times (14%).
The research finds that beyond the cash at home, people have more than £7,000 on average in current accounts and poorly performing savings accounts and ISAs, which they can readily access.
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