Brits Are Hoarding Nearly GBP 320 Million in Loose Change

Brits Are Hoarding Nearly GBP 320 Million in Loose Change Around the
House 
LONDON, UNITED KINGDOM -- (Marketwire) -- 12/07/12 -- Over GBP 317.5
million pounds in loose change is gathering dust in UK households(i),
according to the latest findings from Lloyds TSB. 
UK adults who keep loose change are hoarding an average of GBP 14.15
at home, with men keeping an average of GBP 18.18 in loose change,
compared with women who only keep GBP 10.19 in change. Additionally,
over a quarter (27%) admit to having loose change in excess of GBP 20
stashed at home; one in 10 (10%) has between GBP 50-GBP 100, and 3%
have over GBP 100 in coins at home. 
The most popular place for Brits to hoard their loose change is in a
jar (40%), or moneybox (31%), whilst 16% keep their loose change in
the car, 7% keep it in a drawer, 8% store it on a coin tray and 6% in
their bag. 
Over a third of consumers who keep loose change (37%) admit to
dipping into their stash to pay for small items such as parking and
coffees. One in five (20%) regularly exchange their coins for notes
at a bank. Men are most likely to pay it into their savings (10%) or
current account (18%) at regular intervals, compared with women (9%
and 16% respectively). Men (5%) are more likely than women (4%) to
have their change used by their partner, however children are more
likely to use their mum's pot of cash (10%) than their dad's (7%). 
When it comes to the value we place on money, there is no greater
test than whether or not we would stoop down in the street to pick up
a coin. To this affect, 43% of UK adults say that the minimum value
of coin they would pick up of the street is a penny. However, one in
10 (10%) respondents said that they would only bend down for 10p
piece or more, whilst 1% would only be interested if it was at least
a GBP 5 note and would ignore all coins. 
Greg Coughlan, Head of Savings at Lloyds TSB, comments: 
"With household budgets suffering a significant and prolonged
squeeze, consumers are clearly keen to make the most of their loose
change, with many stopping on the street to pick up a penny. 
"However, by hoarding our loose change we are not making the most of
this money. It could be working a lot harder if it were invested
directly into a savings account, earning interest. As the saying goes
we need to look after these pennies, so that the pounds can look
after themselves." 
Lloyds TSB's Save the Change(R) is a simple everyday way to start
saving or save more. Every time a customer uses an eligible Lloyds
TSB Visa debit card, the amount spent is rounded up to the nearest
pound and the difference is transferred from their current account
into an eligible Lloyds TSB savings account. Customers can use their
own savings accounts or nominate a family member's savings account. 
Further Findings: 


 
--  Those in the north keep the most loose change at home, with an average
    of GBP 18.24, whilst Wales hoard the least, with only GBP 7.78 on
    average in change at home. 
--  The Welsh are the most likely to pick up a penny, with half of all
    respondents saying it was the minimum value they would pick up off the
    street. Londoners were the least likely to pick up a penny, with around
    a third (34%) saying they would. 

 
Notes to editors: 
All figures, unless otherwise stated, are from YouGov Plc. Total
sample size was 2156 adults. Fieldwork was undertaken between 7th -
9th November 2012. The survey was carried out online. The figures
have been weighted and are representative of all UK adults (aged
18+). 
Save the Change(R) 


 
--  Save the Change(R)is available for most Lloyds TSB savings account. 
--  Customers can turn Save the Change(R)on and off or switch their
    nominated saving account whenever they like through Internet Banking. 
--  We'll only make Save the Change(R)transfers when your current account is
    in credit.

 
(i). There were 26.4 million households in the UK in 2012, according
to the Office for national Statistics report, Families and
households, 2012, published November 2012. As 85% of respondents
state that they collect loose change, Lloyds TSB has calculated the
total amount of loose change by multiplying the average amount
collected, by the total number of households that collect change
(22.4 million).
Contacts:
Lloyds TSB
Customer services
0845 300 0000
customerrelations@lloydstsb.com
 
 
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