Despite better protection from banks since the financial crisis, and electronic payment innovations, the Bank of England suggest that nearly one in five people store cash at home and the report suggests that the UK remains stubbornly attached to cash.
It also estimated that there could be as much as £15 billion of unclaimed financial assets in the UK that is simply sitting in old bank accounts, pensions, life assurance and investments, just waiting to be reclaimed.
Tracking this money is becoming ever-easier, with websites such as http://www.mylostaccount.org.uk providing a free service on behalf of the British Bankers’ Association (BBA), the Building Societies Association (BSA) and National Savings and Investments (NS&I).
Spending a small amount of time investigating your old account’s, or those belonging to a deceased relative, could lead to an unexpected and welcome windfall, as it did for one persistent individual who unearthed an old Scottish Widows pension that emerged to be worth £39,000.
Careful financial planning, and well managed investment, forms an essential part of ensuring a secure future, but stories like these demonstrate that past investments shouldn’t be forgotten either.
If you would like to speak to one of our pension and investment experts, please call us on 0800 731 7614 or e-mail firstname.lastname@example.org and we’d be delighted to help.