Bedding is 'last bastion' of savings

Published: 03 July 2009

Bedding may be the last thing still trusted by many people, with mattresses, duvet covers and other bed-based items being used to store money instead of giving it to the perceived threat that is the banks.

A new survey has found that banks are no longer the place to hold money, though the bedroom most definitely is.

Two-thirds of respondents to a survey by More Than said they did not trust their bank any longer, with one in ten admitting to using one aspect of their bed to stash their cash.

Pete Markey, a spokesman for More Than, explained that well-reported banking problems and extremely low interest rates have made people think about bedding as a means of keeping their nest egg secure.

He added: "But while we can understand why people want to stay cautious, there is no better place for savings than the bank, particularly for large sums.

"Keeping cash under the bed might make savers feel better in the short term but risks leaving them high and dry should the unthinkable happen."

Last month, one unlucky Israeli woman decided to throw her mother's mattress out in order to get her a new one, only to realise she had £700,000 of savings inside it.

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