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Rich and poor 'prefer to keep their money under the mattress'

By Sarah Engle, Tue 17 Jun 2008 - Published in Banking

The credit crunch has seen Britain's richest and poorest households losing faith in financial institutions, a new survey by MGM Advantage has found.

One in five people in debt would prefer to stash their money under their mattress than use a bank or building society and a quarter of those with assets in excess of £1 million have indicated that they would do the same, according to the poll.

Overall, more than one in twenty people in the UK state they would rather avoid financial institutions at the moment in view of the current economic climate, with confidence levels lowest in Plymouth.

Despite this, 55 per cent of Brits still favour traditional savings accounts, with only six per cent saying they would be keen to dabble in the stock market this year.

Meanwhile people are being urged to compare money saving schemes as early as possible in life to ensure they are adequately provided for during retirement, after Fool.co.uk revealed that workers earnings stall once they hit 40-years-old.