The Bank of England has warned that British people are making use of up to £3billion in cash, with much of that currency hidden down the back of sofas or stored under a mattress. Experts believe that the average family has approximately £345 hidden around the house. According to the Bank of England, one in six Britons has cash hidden around the home, forcing them to increase the number of banknotes to meet the need.
This growth in the amount of cash in the home comes despite a rise in the popularity of electronic payment choices as Apple Pay. The incredibly poor return on interest and the £85,000 cap on compensation in the event of a bank collapse is encouraging people to store money in their own homes.
According to the Bank of England, for such action to be considered not reasonable, those that are keeping cash at home must be gaining a non-financial benefit they value greater than the financial returns and physical security offered by a deposit account.
The Bank of England said people wanted to keep the cash in their own homes to provide peace of mind. Richard Jolly of the London School told The Independent: “Human beings hate losing and when they do they behave irrationally. Keeping money at home is an absurd thing to do but it makes us really taking more risks. It is not rational, it might get stolen and it is not earning any interest but money is like a child's comfort blanket for adults. It might not ward off the monsters but it makes us feel better. It is an emotional feeling of being in control.
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