10 per cent 'think money is safest under the mattress'

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

Newcastle 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.

According to Wendy Lee, commercial director at Newcastle Building 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.

This comes as Reuters reports that David Frost, director general of the British Chambers of Commerce, commented that the credit crunch is not specifically affecting people outside the City of London.

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