Almost 1 in 5 Brits Don’t Trust Banks to Keep Money Safe, Instead Opting for Home Security Measures

New research from comparethemarket.com has revealed that almost 1 in 5 (19%) Brits don’t trust banks to keep their money and valuables safe. People are instead opting for home security measures whilst hiding money and valuables at home.

With increasingly high-tech security options available, 3.2 million people (5%) across the UK now have surveillance cameras with a motion sensor linking to a mobile app. However the most popular method of keeping intruders at bay is still the traditional ruse of ‘leaving a light on in the house when it’s empty’, with 34% of Brits relying on this.

Other steps taken are locking internal doors (26%), setting an alarm (24%) and leaving the radio or TV on (12%). 5% of Brits however don’t even double check windows and doors are locked before leaving the house. The North East take the least precautions with 13% confessing to doing nothing aside locking their front door to secure their house before going out.

Still, thanks to low interest rates, almost a third of Brits (31%) don’t see the worth of keeping money in a bank account, and 19% of people ‘don’t trust banks to keep their money safe’. When presented with the question as to whether they would rather ‘store valuables at home or in an external safety deposit box,’ almost a third (32%) reinforced the idea of distrust in companies holding their possessions, instead opting for the ‘at home’ option.

The top hiding spot for valuables is an old favourite – the underwear drawer, which 23% of people opt for. Following this is the wardrobe (21%), under the bed (13%) and in a cellar or loft (11%). 14% of security conscious Brits have a safe in their house for storing high value items.

Despite people keeping more belongings at home, 1 in 5 Brits (20%) do not have contents insurance to protect them, and this rises to a worrying 49% amongst the 18-24 year olds. People over 55 are most cautious when it comes to insurance with only 9% not covered, the research shows.

This research marks comparethemarket.com’s release of expert tips for keeping your home and valuables safe, according to a reformed criminal. Gemma Schwarz, Head of Home, comparethemarket.com says: “Everyone understands it’s important to keep their home and belongings safe, but there is often a complacent mentality that crime is only something that happens to other people. We hope that by exposing these myths with the help from a reformed burglar, that people will be able to keep their valuable, as well as their priceless items, safe.”

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comparethemarket.com is a leading UK insurance comparison site, offering customers the chance to compare quotes from a range of providers. Over the years it has grown and developed, introducing new products including home insurance, bike insurance, and money products such as credit cards, mortgages and loans.