Research from Janus Henderson Investment Trusts has found that savers are holding record amounts of money in cash as a result of pandemic-induced fears, which has collectively cost UK households some £38bn in missed income over the last year.
The research has found that UK households have put away £77bn in cash over the first six months of the year, taking the total cash pile to a record £1.5trn - equal to the UK's collective residential mortgage debt. However, the group said that nearly £1.2trn of this cash was not actually needed to meet household contingencies, meaning that large amounts of cash across Britain are "sitting unproductively earning minimal interest". The total £38bn losses of income across the UK as a result of near record-low interest rates on cash deposits amount to £1,350 per household. In total, UK hou...
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