Why Are Some Stashing Away Their Thousands, It Can't Possibly Be For A 'rainy Day'?

[anotheoldgit]

http://www.independent.co.uk/news/uk/home-news/uks-hoarding-habits-leave-1000-of-banknotes-in-circulation-for-every-briton-10508636.html

Negative interest rates or a risk of the banks failing????

Or could the real reason possibly be, that some are hoarding it away out of site, so that they can take advantage of certain mean tested benefits?

[agchristie]

No wonder I can never lay my hands on a fiver....

I may turn nocturnal and mooch round a few gardens.

[anotheoldgit]

agchristie

/// I may turn nocturnal and mooch round a few
gardens. ///

'Money Trees' it's just a myth.

[agchristie]

AOG, the article referred to wads buried in back gardens. Never heard anyone do that before ;)

[sandyRoe]

AOG, most of the people eligible for means tested benefits wouldn't have two ha'pennies to rub together. At the other end of the social scale there are rich capitalist businessmen reluctant to pay their fair share of tax. Could they be burying their ill-gotten gains in their gardens?

[Svejk]

^That's because they buried one of their ha'pennies in the garden.

[sandyRoe]

Are you thinking of Matthew 25:14-30, Svejk? Not a good idea.

[Calibax]

During the great fire of London, Pepys buried his cheese in the garden!

[aelmpvw]

// Pepys buried his cheese in the garden!//

emmental

[SeaJayPea]

People turning assets into cash in the hope of avoiding death duties or having to pay care home costs?

But my guess is that much of it is drug dealers' cash that has been spirited out of the country.

[Canary42]

////some are hoarding it away out of site, so that they can take advantage of certain mean tested benefits? ////

AOG's smear campaign reaches a new low.

[Jackdaw33]

I think that's a bit harsh on AOG. If truth be told, if any savings would preclude me from benefits to which I would otherwise be entitled, I would convert it into cash, and I am sure others would too. It's hardly going to accumulate lying in the bank these days.

[anotheoldgit]

sandyRoe

/// AOG, most of the people eligible for means tested benefits wouldn't have two ha'pennies to rub together. ///

No because as I have suggested, perhaps they have it all stashed away, thus then making them eligible.

[EDDIE51]

I know a few that do this,all elderly who do not trust banks and refuse to us cards.

[Hypognosis]

I couldn't make sense of the story because, first, it says BoE esimate "£3Bn estimate or £345 per hoarder" - and it is not as if everyone hoards - and, second it says "£6Bn or about £1000 for every person in the UK". Which means they estimate 60 million population and, for every person who doesn't hoard at all, someone else has to hoard double. If hoaders are only 1-in-6 then they have to hoard £5000 to make up for the 5 who don't, plus their own thousand.
Who the heck sits on £6k when there's good times to be had?

[Hypognosis]

By the way, doesn't means testing mean they rifle through people's bank accounts when they make a claim? Wouldn't they notice a pattern of large cash withdrawals?

The withdrawals would have to exceed their former salary, in order to draw down their savings pot. Who sticks around in a job which fails to keep their savings intact?

Perhaps a separate thread but should the claimant's accomodation be inspected/searched as part of the means test?

[Mamyalynne]

Don't give them any new ideas - they might find my stash of old white fivers under the floorboards.

[EDDIE51]

One of the people I know has at least £15,000 in his bedroom.
Never had a bank account, was always paid in cash when he was working.
State pension only now, uses a Post office cash card to get his money out every week and takes it home .

[Hypognosis]

So whoever does the house clear-up after he passes away will be in the money then?

[EDDIE51]

^ I've lost count of the times I have tried to get him to see the problems but no use. He has never had a bank account and refuses to have one now.