Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Economic research has identified a trend exhibited by one in six Britons of hiding cash in their homes instead of investing it . This is

Economic research has identified a trend exhibited by one in six Britons of hiding cash in their homes instead of investing it. This is termed the "Biscuit Tin Economy." It is estimated that $3.5 billion is currently hidden in homes across the country. While there are various reasons for hiding cash, 6% are doing so to conceal it from their partners and 4% believe their money to be safer at home than in a bank. Researchers maintain that these actions demonstrate economic folly, and that, as a result, Britons are sacrificing up the $174 million in interest every year. This "Biscuit Tin Economy" is betraying those who trust in it, as it renders their hidden money both unproductive and potentially unsafe, whereas it could be profitably invested in stocks or a high-interest savings plan.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Econometrics

Authors: R Carter Hill, William E Griffiths

3rd Edition

0471723606, 9780471723608

More Books

Students also viewed these Economics questions

Question

Discuss the key people management challenges that Dorian faced.

Answered: 1 week ago

Question

How fast should bidder managers move into the target?

Answered: 1 week ago