Thursday 6th of January 2011
Individuals already struggling financially may find they need to ask individual voluntary arrangement questions if they fail to keep what money they do have well protected.
A new study carried out by the Financial Services Compensation Scheme found more than £7 billion in cash is lying around in people's homes throughout Britain - where it is less secure than if it were in a bank.
The survey revealed that, excluding money kept in wallets, the average amount people have at home is £280 - with four per cent claiming they had over £1,000 left unattended.
Mark Neale, chief executive of the Financial Services Compensation Scheme, commented: "Those deciding to keep money at home, whether as savings or for convenience, may not be covered by household insurance in instances such as burglary."
The findings follow recent research from Santander Mortgages, which found many Brits are eager to cut their expenditure wherever they can - including purchasing second-hand goods.
By Ashley Littley
