Credit crunch bites richest and poorest Brits

Britain's richest and poorest households are opting to stash their cash under the mattress in the wake of the credit crunch.

One in five people in debt would rather use the ‘Bank of Mattress', while one quarter of those with assets in excess of £1 million would do the same, according to a nationwide survey commissioned by MGM Advantage

Despite this, the majority of Britons (55 percent) still favour traditional savings accounts as the most popular destination for their money. A solid six in ten women prefer the security of a savings account, versus just under half (48 per cent) of men. But more than one in twenty Britons would rather steer clear of financial institutions just now, with confidence levels lowest in Plymouth.

In the context of global slowdown, only six percent of Brits are keen to dabble in the stock market this year. While just 12 percent say they will be considering the UK property market falling to seven percent in Liverpool, where residents are steering clear of bricks and mortar investments for the time being. A small but significant minority of Brits, three percent, plan to invest in overseas property.

More than 3,000 people of all ages were independently surveyed for MGM Advantage, the retirement income specialist.