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Millions have lost track of their savings

Millions have lost track of their savings

Category: Savings

Updated: 27/06/2012
First Published: 27/06/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
More than seven million people have lost track of some of their savings, new research has revealed.

Some 7.6 million Britons believe they have investments and savings accounts which they have mislaid, according to National Savings & Investments (NS&I).

The most common cause (28%) for losing savings is misplacing account details, while over a quarter (27%) find it difficult to remember all of the accounts they've opened in the past.

Six in ten Britons who have lost track of their savings have made efforts to recover them. Of those people more than seven in ten (72%) have successfully found their money.

These lost savings and investments could help people to reach their savings goals, with nearly one in ten (9%) saying they would put any newly-found funds towards a new home and 12% would put them towards a holiday.

A further 8% said they'd use the money to treat themselves and just under a third (30%) would save them for a rainy day.

Savers are being encouraged to search for their money by using MyLostAccount, a service provided by the British Bankers' Association and the Building Societies Association.

"Even small amounts of money can help with the costs of day to day living, so it's important people keep a track of their savings no matter how much they've previously put away," said John Prout, retail customer director

"NS&I to date, has reunited customers with more than £450 million through its tracing service and the website, MyLostAccount."

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