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Loan charges: Brits hoarding millions of pounds worth of loose change

Brits have £317.5 million in loose change gathering dust around their homes, according to a new survey.

Lloyds TSB found that UK adults have on average £14.15 at home, with men keeping £18.18, compared to women who leave £10.19 lying around.

A quarter (27 per cent) of respondents said they have more than £20 stashed away, while ten per cent have between £50 and £100 and three per cent have more than £100 in coins at home.

This money is used by 37 per cent of Brits to pay for small items such as parking and coffee. However, ten per cent of men and nine per cent of women do put the money into savings accounts.

"By hoarding our loose change we are not making the most of this money," said Greg Couglan, head of savings at Lloyds TSB.

"It could be working a lot harder if it were invested directly into a savings account, earning interest. As the saying goes we need to look after these pennies, so that the pounds can look after themselves."

This money could also be used to put towards loan charges and utility bills.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801494732-ADNFCR

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