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 well as £10 and £20 notes. Indeed, nearly 10 per cent of coin jars in our survey have over £100 in them."