According to research by the Financial Services Compensation Scheme (FSCS) there is about £7 billion in cash sculling about in people's homes.

With distrust of the banking system rife amongst the population it seems that 13% of people would rather keep their cash at home than give it to a bank for safe keeping, with those at the younger end of the age scale favouring thus approach (18%). We'll have to be careful of keeping money under the mattress, or the government will start taxing mattresses!

Most people as expected had around £20 hanging around the house but 1% of those asked said they kept over £10,000 at home. The average they say is about £280.

In a move to get the public to trust putting their money in the bank again the FSCS are starting a consumer awareness program of the protection they have when their money is inside the bank vault.

With crime or a fire able to cause an instant loss of cash, the FSCS points out that their scheme now protects peoples' deposits up to a value of £85,000.

One big reason cited for this is the poor returns that savers get for putting their money in the banks.

But there are other places to put your money if you don't need it straight away. At present gold looks to be doing well and there are indications that silver may well be the investment of 2011 (as long as UK residents don't get hit by VAT by taking delivery of silver – keep it vaulted). Then of course there are safety deposit boxes.

But whatever you do make sure your dosh is secure, it's yours so look after it! There are many people out there willing to relieve you of it.


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