Many savers could be at risk due to their lack of trust in the country’s banks, it has been advised.
A survey from More Than found that 60 per cent of people do not trust banks to take care of their savings and eight per cent are stowing their money under the mattress as an alternative.
"Keeping cash under the bed might make savers feel better in the short-term, but risks leaving them high and dry should the unthinkable happen," commented More Than spokesperson Pete Markey.
He said that low interest rates and problems in the financial markets are making it more tempting for people to resort to unconventional methods of looking after their cash.
The research showed that savers living in Belfast are the most likely to store cash under the mattress, closely followed by people in Newcastle and Bristol.
The British Chambers of Commerce Quarterly Economic Survey results recently suggested that the worst of the recession is over as progress in both the manufacturing and service sectors improved in the last quarter.