Brits Lose Over £2bn Worth Of Cash Each Year

Brits could be literally sitting on a small fortune. A survey out today reveals that as a nation we have lost £2bn* in coins and notes over the last year – and £1.5bn of that could be down the back of the sofa.

The research, commissioned by Churchill Home Insurance, shows that nearly eight in ten people have lost money around the home (79%). Furthermore, nearly a third (29%) admits to constantly losing cash. This equates to an average loss of £44.45** per person per year and a potential £2800*** over a lifetime – equivalent to a state-of-the-art television, money towards a new car or even a family holiday.

Churchill’s survey reveals that the most common place that people mislay their cash is down the back of the sofa, followed by clothes’ pockets and in drawers:

Top places people mislay money at home

1. Down the back of the sofa (27%)

2. Clothes’ pockets (25%)

3. In drawers (17%)

4. In a handbag / wallet used only occasionally (11%)

5. Down the back of a cabinet (3%)

Consequently, house-holders are most likely to find money in the living room (42%), followed by the bedroom (37%) and kitchen (7%).

Martin Scott, Head of Churchill Home Insurance, says:

“The good news for people losing money around the home is that much of it comes to light during cleaning or whilst re-decorating.”

Furthermore, the survey also shows that Brits are losing large sums of money outside the home. Over £616m**** is lost outside the home by UK adults every year - three-quarters of UK adults (75%) admit to losing money whilst out and forty-six percent report having lost cash on more than one occasion.

This equates to £27.49***** per person per year and up to £1731****** over a lifetime. UK adults are most likely to lose money when they are visiting the shops (16%), on a night out on the town (15%) and whilst on the street (15%). Five percent admitted they are most likely to lose money in the back of a cab.

When asked how they lost money outside the home, nearly two-fifths (38%) said they had accidentally dropped cash when they were out whilst six percent admitted they were drunk and forgot where they had left it.

The survey also revealed that nearly half of UK adults (48%) wish they were better at looking after their money.

 

Notes to editors:

Research commissioned by Churchill Home Insurance with 2,820 UK adults, January 2005.

*£2,254,663,209 = Total £ lost inside the home over the last year (1,637,736,152) + total £ lost outside the home over the last year (£616,927,057)

** Respondents were asked whether they had lost money in their own home. 78.5% replied yes. Calculation based on number of UK adults: 46,930,337 (Office for National Statistics) / % of adults who misplace cash at home (78.5) = 36,840,314. Respondents were then asked how much money they thought they had lost in their home over the last year. This totalled £1,637,736,152. This was divided by number of adults who would have lost money (36,840,314) = £44.45

***£2800 = £44.45 x 63 years (based on life expectancy of an adult woman from 18-81). Life expectancy figures from Office for National Statistics

**** £616m = Number of adults who have lost £ outside the home (22,435,751) x Average £ lost outside the home (£27.49)

***** Respondents were asked whether they had lost money outside their home. 60.9 replied yes. Calculation based on number of UK adults: 46,930,337 (Office for National Statistics) / % of adults who had lost cash outside the home (60.9) = 22,435,751. Respondents were then asked how much money they thought they had lost outside the home over the last year. This totalled £616,927,057. This was divided by number of adults who would have lost money (22,435,751) = £27.49.

****** £1731 = £27.49 x 63 years (based on life expectancy of an adult woman from 18-81). Life expectancy figures from Office for National Statistics

 

For more information please contact:

Abi Clark
Churchill Insurance
020 8313 5830
pressoffice@churchill.com