21st August 2014
An estimated £1.3bn of loose change is sitting in coin jars across the country with the typical pot containing £40.80.
The study from comparison site Gocompare found that 31.3m UK adults have coins stashed in a jar, while only 21.6m regularly put money away each month into a bank or building society savings account.
More women, at 67%, than men, at 64%, have coin jar savings but the value of the latter’s money pots are higher with an average of £42.80 compared with just £39 for women. The survey also revealed that more than a fifth of jars contain in excess of £50, while 9% contain over £100.
When asked why they put money in a penny jar:
Claire Peate, customer insight manager at Gocompare.com, said: “Anyone who regularly empties their pockets or purse of change into a coin jar will be surprised just how fast it adds-up. As our survey shows, it’s not uncommon for people to have a significant sum of money stashed away – nearly one in ten of penny jar savers have over £100 sitting in their penny pot.
“While coin jars are a quick and easy way to save loose coins – they could be costing you money in lost interest. If you find you are regularly building up a significant sum and not missing the funds, it could be worth setting up a direct debit to a savings account or Nisa and stepping up your savings effort.”