10 Per Cent 'Think Money Is Safest Under The Mattress'

One in ten people in Britain believe that their money would be safest stowed under their mattress, according to new research.

A high street building society has found that this is up almost 300 per cent in light of the recent credit crunch, reaching a high of 15 per cent in the midlands and Wales.

Confidence in banks has gone down some five per cent over the last year, the body added, while 19 per cent would opt against investing with financial institutions if they could.

The number of people investing in banks and building societies has fallen by 17 per cent, according to the research. A year ago, almost three-quarters of those surveyed would have considered banks or building societies the safest places to invest their money.

According to the commercial director at the society, the results are a product of both the hype around the credit crunch and "a stark sign of the times".

"Some savers now have an exaggerated view that investing their money with a building society or bank can be a risky business, which is not the case," said the official.

One of the best ways to find the best deal for your money is to do a search online. There are now many comparison websites which will let you have a detailed look at several savings options. However, if you are worried it is probably a good idea to talk to an independent financial advisor about which savings account would be right for your individual circumstances.

Top tips on how to save money:

•    Set a budget - Ideally you need to work out your essential monthly outgoings and then add a little extra to pay for the odd little treat. See where you can prune so you can free up more money to add to your savings.
•    Change your way of thinking - The single greatest money-saving strategy you can learn is that whenever you run across something that you are certain you absolutely must have, just wait a little while.
•    Set Goals - The most important thing is to have a clear goal about what you expect to achieve through your efforts.

If you would like to know more about saving why not ask AnswerBank Business and Finance.