Cautious savers are increasingly keeping their cash at home, according to new research.
A study by Newcastle Building Society suggests that the number of people preferring to keep their money at home has almost trebled in the past 12 months - from four per cent to 11 per cent.
If choosing to keep large amounts of cash in the home, it may well be prudent for consumers to make their
home insurance provider aware of the situation to ensure they have adequate cover should an unexpected accident or break-in occur.
Wendy Lee, commercial director at the financial services provider, comments: "These findings are a stark sign of the times but they are also exacerbated by the hype surrounding the credit crunch."
In related news, price comparison site confused.com recently stated that consumers should check their
home insurance policies at least once every 12 months to ensure all their purchases are covered.
Consumers may well find that they benefit from investing in a
home insurance policy from
InsureandGo.