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Cash under mattress preferred
17 June, 2008
Britain’s richest and poorest households say they would be more confident putting their cash under the mattress in the wake of the credit crunch, according to a nationwide survey commissioned by MGM Advantage.
One in five people in debt would rather use the ‘Bank of Mattress’, while one quarter of those with assets in excess of £1 million would do the same, according to the survey.
Just 12% say they will be considering the UK property market, falling to 7% in Liverpool where residents are steering clear of bricks and mortar investments for the time being. A small but significant minority of Brits - 3% - plan to invest in overseas property.
Despite this, the majority of Britons (55%) still favour traditional savings accounts as the most popular destination for their money. But more than one in twenty Britons would rather steer clear of financial institutions just now, with confidence levels lowest in Plymouth.