There is an estimated £50m worth of loose change currently sitting in UK homes, according to new figures from UK Finance.

The banking body suggested that people have held onto cash for three times longer than normal as a result of COVID-19 lockdowns, with many people storing them at home rather than spending or donating them.

UK Finance’s research indicated that this is particularly the case with lower denomination coins – with more than half of those surveyed by the banking body saying they usually leave 1p, 2p, 5p and 10p change at home.

Along with the Charities Aid Foundation, UK Finance has asked people to consider donating some of this spare change to charity.

UK Finance managing director of personal finance, Eric Leenders, said: “Putting your pennies in a charity box is a great way to help those in need.

“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.”

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