Britons have been urged not to stash cash in their houses as it is unlikely that their home insurance policy will cover the money.
Abbey says that millions of people in the UK are now keeping around £5.4 billion worth of money stored in cash due to financial fears.
Research by the company found that 4.6 million Brits have cash with an average value of £729 in their home and a further 2.8 million withdrew around £704 from their bank with the intention of stashing it away.
Tony Beckwith, Chief Operating Officer, Abbey Insurance, said: "Most insurers will only cover the first £500, sometimes less, should it be stolen or destroyed in an accident and you're not going to earn interest on cash stuffed under the mattress."
Consumers were advised by Moneyfacts yesterday that if they are sensible with their money and try to cut down on some luxuries they can reduce the cost of Christmas.
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