Piggy banks and poor organisation hampers savers

by Gill Montia

Story link: Piggy banks and poor organisation hampers savers

Credit Action, the charity that earlier this year estimated individual UK debt at £1.3 trillion, is urging people to become more organised in managing their finances.

It gives as an example the fact that most people in the UK have two or three bank accounts and that many lose track of their money through moving house, family changes or getting divorced.

This view is certainly supported by the number of dormant accounts currently at the centre of Government plans to use the funds they contain to pay for community projects.

Meanwhile Britannia has been researching the current status of the Piggy bank and has discovered that millions of adults in the UK actually use porcelain pigs, penny jars or hidden areas in the home to accrue savings.

In its survey, the Britannia found that a fifth of respondents collect loose change in this way and the building society estimates that up to £100 million in coins could be stored up in the nation’s home.

Both Credit Action and Britannia would no doubt prefer these savers to open proper savings accounts and benefit from interest on their money.

However, Piggy bank users are unlikely to change their habits because of the degree of satisfaction they obtain from watching their stash increase and hearing the clink as another coin is put away.