Britain's billion quid piggy bank

Image of exploding piggy bank
Savings explosion!
"While we might be moving closer to a cashless society, it seems that the humble piggy bank is still the first point of call for many people" Matt Sanders, Gocompare.com
  • | by Kristian Dando

Did you used to keep a piggy bank as a child?

If you’re anything like us, you’d stash away your change, eagerly awaiting the day you’d have enough to take the lot down the corner shop and cash it in for a big bag of penny chews, fizzy pop, or that rarest of treats - a 'top-shelf' publication.

And if you still keep a piggy bank or coin jar now you’ve stepped into adulthood, you’re not alone – that’s according to the latest dollop of research from the stats jockeys at GoCompare.

Millions* of people in the UK and Northern Ireland keep one – and GoCompare estimates that there’s £1.5bn** nestling in the UK’s collective coffers.

Even adjusting for inflation, that could buy an awful lot of penny chews.

But if you’ve got a jar in which you regularly chuck money into, you might want to get a move on and start spending it – or risk losing out.

That’s because the old £1 coins are going to stop being legal tender in a few months’ time – which means your not-so-carefully squirreled loose change will need to be exchanged or spent before then.

Matt Sanders from GoCompare Money mused: “While we might be moving closer to a cashless society, it seems that the humble piggy bank is still the first point of call for many people.

“If you’re one of those people who find that you’re regularly building up a reasonable sum of money in your coin jar it would be worth considering a more formal savings arrangement. Rather than wallowing in your piggy bank, your cash will work harder for you in a savings account.”

Food for thought, indeed.

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