The MGM Advantage research, conducted as part of its second annual Retirement Nation Survey, tests consumer confidence in a range of financial institutions alongside how ready people are for their approaching retirement. The findings reveal that the number of UK adults who would rather trust putting their cash under the mattress than in a bank or building society has almost tripled from 5% last year to 13% now.
And overall trust in banks and building societies has fallen, too. Last year 45% of people said they most trusted building societies with their money, but that has fallen to 37% although building societies remain the most trusted place for people’s money.
Banks have taken more flack. Twelve months ago 39% of people named a high street bank as their ideal place to stash their cash, but now just 31% still feel banks are the safest place for their money.
Conversely, trust in mutuals has increased in the same period from 10% last year to 15% now, according to MGM Advantage.
Chris Evans, chief executive of MGM Advantage, said: “Whatever the root causes of the credit crunch and the consequent recession, it is banks that have suffered the most damage, both to their bottom line and to their reputation.
"With the Government shoring up the coffers of many high street institutions, it's understandable that consumers are looking for other alternatives.”
