A fifth of debt laden Brits would rather keep their money under the mattress as the credit crunch bites, according to a new survey.
The study commissioned by MGM Advantage said rich and poor alike are feeling the pressure of the credit crisis on their finances.
One in five people in debt preferred the idea of keeping their money under their bed than in a regular savings account.
And a quarter of people with more than £1 million in assets would do the same, the report said.
The majority of the 3,000 Brits surveyed, 55 per cent, were happy to put their money in a traditional savings account.
Men were more likely to boycott banks than women with 48 per cent of men preferring the security of a bank account, compared with six out of ten women.
And more than one in twenty said they were steering clear of financial institutions altogether.
MGM Advantage is the new name of MGM Assurance, which specialises in finance packages for people reaching retirement.
