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Customer confidence in banks on the wane

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17/06/2008

One in five people in debt would rather stash money under their mattress than use a bank, according to MGM Advantage.

A quarter of those with assets in excess of £1m would also do the same. Despite this, 55% of Britons still favour traditional savings accounts as the most popular destination for their money.

A solid six in 10 women prefer the security of a savings account, compared with 48% of men. But more than one in 20 Britons would rather steer clear of financial institutions just now, with confidence levels lowest in Plymouth.

In the context of global slowdown, only 6% of Brits are keen to dabble in the stock market this year, while 12% say they will be considering the UK property market.

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