50% of 2012 London Olympic Games can be funded with £1 billion in loose change |
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Fri, 19 Aug 2005 06:05
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LONDON - A survey commissioned by banking and finance recruitment company, Jonathan Wren has found that Britons have enough loose change lying around their homes to put up half the cost of the London Olympic Games.
The study found that UK's 24.7 million households could have around £1 billion either lost or lying around in 'safe' places. The study surveyed around 1,500 people and found that 88 percent of them admitted that at least £10 was lying around their home that had either been given up as being lost or had been forgotten by them.
Another 62 percent felt that they had an estimated £56 stored in jars, pots, pockets and down the back of sofas. Surprisingly only 24 percent of those surveyed intended to either spend this loose change or deposit it in banks. The participants also estimated that they had £20 worth of foreign cash left over from overseas holidays at their homes.
The survey found that Londoners were the worst offenders with £121 worth of loose cash lying around their homes. People in Birmingham with £61 'spare' cash came in the bottom half of the list. Men were the biggest losers accounting for 73 percent of the lost cash. Commenting on the findings of the survey, Philip Marks, managing director of Jonathan Wren, said, "It seems as a nation we're too apathetic to make our money really work for us and it's leaving us poorer than we should be."
Only 9 percent of those surveyed were able to recall their exact bank balance to the nearest £25, while 36 percent were able to give a correct estimate of the amount of credit owed on their cards. In order to help people track their cash better, Jonathan Wren suggests that you should:
* Make it a habit to put all their loose change in a pot or jar, which can be within easy reach.
* Organize important documents related to pension, payslips, tax returns and investment documents into a single filing system that can be quickly got out if needed.
* Read all the bank statements carefully and track them online everyday so that you are aware of the exact amount in your accounts.
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