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Hoarded Loose Change Amounts To Charities Missing Out On £50m

Sun Sep 05 2021

£50m potentially cause economic and environmental damage, as well as harming Non-Profit sector.

Research has shown that people are holding onto their loose change for far longer than they used to before the pandemic. In general, cash as a payment method has declined in the UK with some of the reasons being that they’re keeping it for “security”, “pay someone back for shopping,” or, “to give as a gift.”

The cumulation of people leaving lower denomination change, such as 1p, 2p, 10p, etc, at home has resulted in up to £50m in donations potentially being missed out on by charities.

That isn’t to say that donations are down.

Charities Aid Foundation (CAF) revealed in October last year that there was a £800m rise in donations during last year’s spring lockdown. However, cash donations were down significantly. Quite remarkable when cash donations were the most popular way of charitable giving!

The environmental impact of this cannot be ignored also. With the UK population hoarding all their loose change, it requires new coins to be minted rather than travel during circulation.

The report says,

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Industry and policymakers may need to actively encourage greater recycling of hoarded cash to avoid significant wastage to the UK economy

Industry and policymakers may need to actively encourage greater recycling of hoarded cash to avoid significant wastage to the UK economy

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That’s not only a significant potential wastage of £50m to the Non-Profit sector, but to the UK economy as a whole. UK Finance, alongside CAF, said one way to avoid this wastage would be to urge people to give their loose change to charity.

This recycling of old coins and re-distribution into the economy via donation of accumulated coins would provide a benefit to both charities and the environment, since new coins won’t have to be produced and distributed.

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The public has stored over £50m of loose change over the course of the pandemic and, as the UK is opening up post-lockdown, every pound and penny that can be spared for worthy causes will make a tremendous difference.”

Eric Leenders, Managing Director of Personal Finance, UK Finance

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As the UK remains out of lockdown, charities are resuming their fundraising efforts. It’s important that they don’t lose out on their main source of donations.

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As charities struggle to resume fundraising, while continuing to work on the frontlines of the response to the pandemic, donating spare loose change would be a huge show of much-needed support at a critical time

Neil Hislop, chief Executive of CAF

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Sun Sep 05 2021

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