Does anyone actually keep their money at home under the mattress?

MoneySaverForever

Hello everyone, sorry if this has been asked before but I have noticed that when you talk to older people? lots of them seem to tell you they keep their money at home and that they don't trust banks at all. Is it commonplace to keep money at home? I wouldn't think that was a very safe thing to do and I'd hate to think of people like my nana and papa being robbed. Older men especially tell me that they usually keep their money under their pillow or mattress and I'm not quite sure what to make of it

Thanks for your help xxx

HappyMJ

Why not...I keep a small amount at home to last a week or two just in case...It isn't under the mattress though.

MRSTITTLEMOUSE

A lot of old people don't want the authorities to know how much savings they have so they keep it at home.
Who can blame them realy.
I always keep around five hundred at home for things that might crop up,mine is in a locked fireproof box(not under the mattress:rotfl:) for safety along with insurance policies,birth certificates,passports,you know all stuff you need to keep safe.

Larumbelle

When I was an Avon lady I had an elderly customer who kept a huge wad of cash in her sideboard, and thought nothing of openly going and fetching money from it in front of a virtual stranger (me). I really didn't know what, if anything, to do about it, but I felt like I should do something because I'd never have forgiven myself if I'd said nothing and somebody robbed her. In the end I discreetly spoke to my GP, who I know is her GP as well. He got Age Concern to send someone round to her, she had £16,000 in cash there :eek: which had built up over the years. The next time I went round there she gave me a personal alarm, she scrounged an extra one from the Age Concern lady for me because she didn't like the idea of me wondering outside alone with money and deliveries on me. She gave me a little lecture on keeping myself safe! :rotfl:

She'd never had a bank account, so they helped to open one up for her. Apparently it's not all that uncommon for older people to just never have bothered using a bank account.

[Deleted User]

I rarely have a great deal of cash on me, apart from my monthly 'food purse'.The rest is kept safely in various accounts that all earn me minute amounts of interest Apart from anything else I would hate to have my saving go up in smoke in case of a fire.

bramble1

in the winter we keep some cash taped underneath a random cupboard in our house for emergencies.

OH is self employed, we do this around summer time, forget, then remember somewhere in the house there is enough to atleast buy food for a month or two and have a good old treasure hunt.

I hope we don't move soon, i'm sure there is more squirreled away!

seafarers_wife

i keep some cash in the house, not much as i do prefer using cards for things, but do keep a few hundred in a fireproof safe along with all important household docs and passports etc.

just never know when there might be an issue and need some cash in the middle of the night.

Gingerbiscuit_2

I try and keep at least £100 at home as I don't get out much and if there is a problem with a bank card or like last year when bank had some security alert and shut down my accounts. I was too ill to leave the house and didn't yet have a text phone to sort it out so had no money for 3months! I understand why people don't use banks you hardly get any interest and if you want to keep some off the books its easier to do. But I would be worried about fire or theft if I was luckly enough to have any more spare cash to keep at home.

ceridwen

I have found a snag to doing this - ie insurance companies.

My insurance company makes it awkward for me to do this. The policy only allows for having £200 at home - anything over and above that isnt insured. Bad enough that a toerag might steal it - but to find that the extra over and above that £200 wouldnt be covered:eek:

I complained about this low level and asked if I could pay a little extra premium and be covered for a more realistic amount and they refused. I have a suspicion that such a low limit is probably fairly standard amongst insurance companies.

I can understand why they wouldnt cover someone having, say, £15,000 at home - but I do think they should be prepared to cover maybe £2,000 worth of cash at home.

When I asked them why they were being so awkward and only allowing such a small amount the answer boiled down to "Everyone else is trying to force people away from using cash - and so are we. We expect everyone to keep their money in banks and use cards to get at it". I've paraphrased here - but that was the gist of it.

The_Thrilla

It is better if the money is in the form of gold, silver etc. Unlike paper money, it is proof against inflation, silverfish and rodents. Generations of people have buried their gold in times of financial crisis. BTW, the people at the rock'n'roll office now ask you if you are keeping any money at home. I was thinking of keeping money under the floorboards; but a few years back I read Silas Marner...

Biggles

The_Thrilla wrote: »

Unlike paper money, it is proof against inflation

Not over the long term.

Generations of people have buried their gold in times of financial crisis.

Normally only because there weren't any banks. Or insurance companies. Also because it was usually in the form of coins, which they could dig up and spend when needed.