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Covid results in public sitting on £50m in loose change

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The British public are sitting on loose change worth an estimated £50 million according to figures from UK Finance.

UK Finance’s research shows that due to Covid-19 lockdowns, people have held onto cash for three times longer than before.

When people receive coins, many are storing them at home rather than spending or donating them. This is particularly the case with lower denomination coins, with more than half of those surveyed saying they usually leave 1p, 2p, 5p and 10p change at home.

Along with the Charities Aid Foundation, UK Finance is asking people to consider donating some of this spare change to charity.

CAF research shows that over half of charities surveyed last year had seen a drop in donations, while 39% reported increased demand for help from those in need. 

Eric Leenders, Managing Director of Personal Finance at UK Finance said: 

“The public has stored over £50 million of loose change over the course of the pandemic and as the UK is opening up post-lockdown every pound and penny that can be spared for worthy causes will make a tremendous difference.”

Neil Heslop, Chief Executive of the Charities Aid Foundation, said:

“Our UK Giving Covid-19 Special Report revealed that cash donations to charities, normally the country’s most popular way of giving, saw a substantial decline during 2020 and remain at very low levels compared to previous years.

 

“As charities struggle to resume fundraising, while continuing to work on the frontlines of the response to the pandemic, donating spare loose change would be a huge show of much-needed support at a critical time.”

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