Are you sitting on a fortune?

3 months ago, Written by , Posted in Uncategorized
Money in your sofa
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More than £3 million is lost down the back of Brit’s sofas each year

Research* has revealed that Brits could be sitting on a fortune, as more than £3 million is lost down the back of the nation’s sofas each year.

We carried out the study to find out exactly what Brits are losing down the back of their sofas every day. The sofa and flooring experts are encouraging people to spring into action and discover what’s hidden down the back of their sofa, especially cashing in on any old £1 coins and £5 notes before they go out of circulation.

Three quarters of Brits have found money down the back of their sofa while cleaning, with two in five (42%) finding more than £10 overall.

Aside from cash, the most common items Brits have found when cleaning their sofas include uneaten food (27%), car keys (21%), glasses (18%), lost bankcards (15%), and even underwear (8%).  Looking at some of the more obscure items found in our sofas, respondents admitted to discovering old chewing gum, scissors, dog chews, a condom and even a couple of mice!

The majority of people surveyed (84%) said they are confident that they know the recent changes to British currency, however, of those, half (47%) didn’t realise that old £5 notes will be worthless by the end of the week.

Looking at which age groups feel most confident with the changes, 95% of those aged 18-24 think they know about all of the changes to currency, compared to 76% of people in the 45 – 54 age bracket. When it comes to who is actually the most money-savvy, the younger age group were actually the least knowledgeable overall, with one in five believing that old currency will always be legal tender, and 42% wrongly thinking they have until October to spend old fivers.

Finding money in your sofa

The research also looked in to the most common misconceptions surrounding the changes to the £1 coins and £5 notes. They are:

– 47% don’t know that the old £1 will no longer be legal tender after October 2017

– 46% don’t know that old fivers will be going out of circulation on Friday May 5th

– 23% think old fivers go out of circulation in October 2017

– 16% believe they have until 2018 to spend old £1 coins

– 12% think that they will always be able to spend old £1 coins and £5 notes

Lindsey Duncton, ScS Marketing Manager, said: “With the recent changes to British currency, we wanted to find out how many people are aware that their old bank notes will soon not be spendable and encourage Brits to check down the back of their sofas to make sure they aren’t missing their chance to spend the money.

“According to our research, 76% of UK adults clean their sofa less than once a month on average, so if there are any hidden fivers lurking under the cushions or round pounds hidden down the back now’s the time to scoop them up – we were amazed to find out just how much cash we’re misplacing in our sofas!”

*Survey of 1008 people carried out in April 2017.