British adults have £721BILLION of ‘dead money’ sitting in bank accounts and ISAs, according to new research.
The average person aged 18 and over has saved £14,049.30 – but has no plans on what to do with it.
In addition, a third have up to £250 in cash hidden at home, while one in 10 has over £1,000 tucked away.
And one in five has a personal pension containing more than £20,000 – which they no longer pay into.
Lisa Caplan, head of financial advice for Nutmeg, which conducted the study, said: “As this survey shows, people are literally sitting on their money, with no real plans on how to spend it, save it, or invest it.
“While saving money is obviously a sensible thing to do, there are ways of being even cleverer with cash.
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