Brits could be sitting on £3 Billion in forgotten funds

Brits are sitting on a hidden cash pile worth a staggering £3  made up billion of unspent gift cards, small change, leftover foreign currency and unused bank accounts, it has been revealed.

New research commissioned by NatWest has unearthed a treasure trove of small financial wins that could really add up, with the average Brit having £65 tucked away in various places.

The survey of 2,000 British adults, commissioned by NatWest, found that almost half (47%) of Brits have unused gift cards stashed away at home, worth an average of £17.

More than one in ten (11%) of those polled admitted to trying to use a gift card only to discover it had expired, resulting in an average of £25 per person being wasted.

Furthermore, one in five (20%) Brits admitted to having bank accounts they’ve not used within the last 12 months. Whilst the average sitting in these accounts is £32.15, a surprising 18% of those polled believe they have as much as £100 that could be put to use.

It’s not just pounds and pence Brits are missing out on – those polled were found to have an average of £26.25 in foreign currency languishing in drawers following their last overseas trip, often forgotten after the return home.

And while it may seem like small change, the average UK household has £7 in forgotten coins gathering dust – little wins that can quickly add up. Reclaiming all these hidden funds could provide a small but welcome financial boost, with 84% of Brits agreeing that small financial win is a sure-fire way to brighten their day.

Receiving a discount code for an item you were planning on buying was voted the top small financial win (57%), whilst others in the top ten included redeeming a free purchase with loyalty points (52%) and finding unexpected money around the house (32%).

What are top 10 small financial wins?

The research uncovered the top ten small financial wins are:

1. Getting a discount code for an item you were planning on buying – 57%
2. Redeeming loyalty points for a free purchase – 52%
3. Taking an item to the till and it being reduced upon purchase– 51%
4. Finding cash on the street – 36%
5. Finding unexpected money around the house – 32%
6. Finding an unused gift card – 20%
7. Cashing in loose change and getting more than expected – 12%
8. Finding foreign currency at home before a holiday – 11%
9. Using a roundup feature on your everyday spending and seeing the amount grow– 10%
10. Using workplace benefits to save money – 10%

Loyalty programmes are another untapped resource – whilst 94% of Brits are signed up for various reward schemes, 27% admit they only occasionally or rarely redeem their points.

With adults having on average £24 of loyalty points or vouchers to redeem, there’s a wide-range of savings on coffees, groceries, and shopping that are going untouched.

Reclaiming these forgotten funds is a simple way to make everyday finances work harder. NatWest encourages the nation to take a few simple steps every day to make the most of these little wins, such as cashing in loyalty points before they expire, checking old gift cards, and changing your foreign currency and putting it into savings instead.

Brits can also use banking tools that automatically set aside spare change, such as Round Ups, which rounds up your NatWest debit card spend to the nearest pound and multiplies it to send 2, 3, 4 or 5 times as much spare change to your savings

The research supports NatWest’s wider commitment to help people grow their financial confidence. As part of its ‘Tomorrow Begins Today’ brand platform, NatWest’s latest advertising campaign highlights the power of taking action in small, manageable steps for people to gain better control of their money. This highlights NatWest’s commitment to young people and families across the UK as they build positive financial habits, helping them make the most of the tools and resources available today, so they can plan for a better tomorrow.

Mo Watt, Savings Expert at NatWest said, “No matter how big or small, saving is always worthwhile, and it’s often surprising just how quickly the little wins can add up.

“It’s amazing to see just how much Brits might be sitting on unknowingly – whilst it might not seem like much, an extra £65 could go towards a meal out with friends, spending for your next holiday, or even just a little treat, so it’s worth paying attention to.

“Whether it’s converting old travel cash, using up loyalty points, or simply gathering loose change, these small wins can make a real difference.”