Seven million Britons lose savings and investments

Over seven million people have lost track of investments and saving accounts owing to a lack of organisation and forgetfulness, new research has revealed.

Of the 7.66 million Britons who have misplaced their accounts, 28% of them claim to have lost their original account details, while over a quarter said it was difficult to remember the many accounts they have opened in the past, according to National Savings & Investments (NS&I).

A further fifth have forgotten to update their address when they moved house and nearly a quarter were given savings or investments as a child but never found out the full details of the account.

Worryingly, two-fifths of those who have lost track of their accounts have not tried to find their savings.

NS&I hopes to reduce the number of people losing touch with their investments by providing simple ways to keep tabs on them online and by phone.

John Prout, retail customer director of NS&I, explained that of those who made an effort to find their savings using NS&I’s online tracing service some 72% have been successful.  

In fact, according to Prout, NS&I’s tracing service and the website MyLostAccount have so far helped customers locate more than £450 million worth of lost savings.

'Even small amounts of money can help with the costs of day to day living, so it’s important people keep a track of their savings no matter how much they’ve previously put away,' he said, urging customers to remember to inform NS&I if they move house.

'Premium Bond holders can now also register to have their prizes paid directly into their bank account,' NS&I added. 

Some of the 2,481 people polled said they would use the lost money to save for dream holidays and new houses. Others said they will use the money to pay off debts and fund day-to-day living expenses, while 30% said they would save the money for a rainy day.