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Keeping cash at home 'risky'

British householders have been advised to reconsider where they store their money after new research found that many people keep large amounts of cash in their homes.

The survey by Cornhill Direct discovered that over three-quarters of UK residents stash money in their houses, with the average homeowner keeping £127 on the premises.

In addition, while 45 per cent of people said that they need money at home in case they have to pay for something in cash and 13 per cent viewed it as a reserve fund, ten per cent claimed that they simply could not be bothered to make a deposit at their bank or building society.

However, although contents insurance can offer cover for money kept at home, stashing savings under the bed was not a course of action recommended by Cornhill.

"It is never a good idea to keep large sums in the house," said Mark Bishop, a spokesperson for the insurer.

A recent survey by Legal & General found that 73 per cent of British homeowners leave valuable possessions in their kitchen. Personal loans can help towards insurance costs.

See how much you could borrow with a Lombard Direct personal loan.

© Adfero Ltd

28/09/2007 16:21:20

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