Brits hoarding almost £3 billion in leftover holiday money

With summer holidays drawing to an end, many Brits are left feeling blue and cash-poor. But research by peer-to-peer lender Zopa has found that there could be a silver lining. The average UK household has £110.45 of leftover holiday cash lying around the house, which amounts to a potential £2.92 billion of foreign currency sitting unused in homes across the UK.

Almost two thirds of Brits (65 percent) admit to keeping their foreign currency at home when they return from holiday, rather than exchanging it back into Sterling. Only 13 percent of respondents said they exchanged it when they returned from their travels, with 16 percent saying they kept it in their wallet until the next time they were abroad.

Two thirds (66 percent) of people said they were carrying two or more different unspent currencies in their home. Euros topped the list, with 79 percent of holiday makers holding on to spare Euros, and 43 percent harbouring US dollars.

Top leftover holiday currencies:

Euros – 79 percent

US dollars – 43 percent

Canadian dollars / Swiss Francs – 7 percent

Australian dollars – 6 percent

Thai Baht – 5 percent

Instead of holding on to this cash until next summer, holiday-makers would be better off converting their money back into sterling and banking it to earn some interest. Zopa currently offers 5.2% annual interest on money lent for 5 years, and customers can lend as little as £10 to get started. For those looking to go abroad again soon, it might be wise to convert the money straight into the next currency needed, saving the cost of exchanging into pounds and then back again.

Giles Andrews, CEO and Co-founder of Zopa says: ‘Whilst it can be a pain to exchange your money back into Sterling after returning from your holidays, by leaving it lying around the house, Brits are missing out on potential interest that could help pay for their next trip! Alternatives like Zopa, are offering bank beating interest rates, so it’s the perfect time to cash in that currency and get your money working for you.”