UK savers miss out on £38bn of income as cash piles soar

Janus Henderson Investment Trusts research

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...