More than £21 million of cash is being hoarded in Stoke-on-Trent homes, it has been estimated.
Online PR News – 26-May-2013 – UK – More than £21 million of cash is being hoarded in Stoke-on-Trent homes, it has been estimated.
Research by the Financial Services Compensation Scheme (FSCS) has found that £5.2 billion is being stashed away across the UK – equivalent to £196 per household, not counting money in pockets, purses and wallets.
Ian Cameron, of Wolstanton-based independent financial advisers Newell Palmer Associates, said: “There are more than 107,500 households in Stoke-on-Trent, so by the FSCS’s reckoning there is likely to be more than £21 million of cash under the mattresses or tucked away in the cupboards of homes in the city.
“Interest rates have been very low for a very long time, so in a way it’s understandable. But there are ways of maximising returns and minimising tax such as ISAs or pensions that people should investigate before sticking a roll of notes in an old biscuit tin.”
One in 50 people questioned by the FSCS said they kept more than £1,000 in the house, and scheme managers warned the majority of this cash will not be covered by home insurance.
Mr Cameron said: “That can be a significant amount of money to lose, but not getting a return on it is also a problem. We keep being told we’re not saving for our retirements, and even small amounts invested or reinvested over a reasonably long period can deliver worthwhile returns.”
Mr Cameron made the comments ahead of a series of investment roadshows being staged by the firm in Stoke-on-Trent. Dates and venues will be confirmed shortly.
Mr Cameron added: “Stoke-on-Trent isn’t a wealthy area, but that makes it all the more important for people to prepare for retirement well in advance and wring every last bit of value out of their cash. That’s exactly what we’ll be helping them to do with these events.”
Newell Palmer Associates provides independent wealth management services to individuals and businesses.
For more information, call Newell Palmer Associates on 08451 302320 or visit http://www.newellpalmer.co.uk
Press release prepared by David Johnson at Shepherd PR. For more information, or to arrange an interview with an expert from Newell Palmer Associates, call 01335 368020 or email email@example.com
Senior managers from Newell Palmer are happy to comment on relevant topics.