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Media centre /
Press releaseTHE GROWING UNCLAIMED CASH RESERVES18 May 2004A growing number of British savers are moving home and failing to give their financial providers their new address, according to research from National Savings and Investments (NS&I), and the worsening problem is identified as one of the major causes of peoples' savings becoming dormant. The research1 has found that one in six people (17%) who moved home in the last 12 months had forgotten to give their financial providers their new address - particularly worrying because, for the past two years, the figure has remained static at one in seven (14%). The research also reveals that young men are at greatest risk of losing touch with their savings because they are worst at informing financial providers of their new address. Increasing potential lossesThe research also suggests those people who moved house in the past year could, potentially, have lost touch with an average of £17,308 in savings or investments (based on the total value of savings on deposit in the UK and the percentage of people who moved home in the past 12 months)². This is an increase of £1,216 since May 2003 when the figure was £16,092, and NS&I is urging people to make sure they give their financial providers up-to-date address details. Gill Cattanach, NS&I marketing director, said: "It is worrying to see that an increasing number of people who have moved home have forgotten to give their financial providers their new address. If we don't have your current address it is inevitable that we will lose touch with you. In the long term, this results in significant amounts of peoples' hard earned savings becoming lost or forgotten." Free tracing serviceNS&I provides a free tracing service for customers to locate any lost or forgotten funds, and there is no time limit on claiming back any money. The money remains the property of the customer - and it remains 100% safe - and NS&I does not benefit in any way from holding on to dormant savings. The tracing service form, available from 0845 964 5000 or at www.nsandi.com, needs to be completed in as much detail as possible, including previous addresses, and returned to NS&I. The customer will be contacted once the trace has been completed, usually within one month. Gill Cattanach continues: "We want people to come forward and collect what rightfully belongs to them. Our tracing service is free and there's no time limit on claiming any of this money." Reunited with £11 millionAs awareness of the tracing service grows, the average amount traced for customers is increasing. Since NS&I launched its free tracing service in November 2001, it has reunited 12,420 people across the world with £11.8 million - equivalent to £956 per successful trace. In the 18 months to May 2003, the average amount traced was £641. And in the last year alone, the tracing service has reunited over 3,000 people with nearly £6 million in lost or forgotten savings and investments. The average size of the amount traced for customers each month in the past year has grown dramatically from £97 in April 2003 to £1,373 in April 2004. Research results: the statisticsWhen asked, "When you moved home, did you forget to forward your new address to any organisation that you have savings, investments or another financial product with?", the highest responses were from:
Tracing the moneyTop five accounts, bonds and certificates traced by total value, since November 2001:
Free tracing servicesAs well as NS&I offering a free tracing service, the British Bankers Association and the Building Societies Association also provide completely free tracing services enabling customers to locate their lost or forgotten funds. NS&I does not endorse any companies which charge customers a fee to search for lost or forgotten money on their behalf. ENDS Notes to Editors
NS&I Media and PR team
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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