Approximately 4.6 million Brits choose to stash their cash at home instead of putting it into a savings account, according to research by Abbey. The average person keeps £729 in their home, adding up to a hefty £5.4 billion.

But homeowners should be aware that many home insurance policies will not cover this money in the event of a burglary or fire, and are therefore jeopardising the future of their financial security.

Tony Beckwith, chief operating officer for Abbey,  commented that keeping money at home instead of a savings account does not make sense, because: “You’re not going to earn interest on cash stuffed under the mattress.”