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£65m in Pennies Hoarded by Brits

Which coins do we keep in the great coin clean-out?

The way we shop and pay is changing; 41% of people now treat cash as a secondary option and more than half of Brits (54%) remove loose change out of their wallets and purses, leading to an estimated £65 million in pennies lying around the nation’s homes.

Which coins do we keep in the great coin clean-out?

With over £245 million in one and two pence pieces in Britain today, estimates show there could be as much as £65 million in loose pennies lying around in people’s homes or even lost down the back of sofas.

When it comes to low-cost items, cash is still king as 77% say they’d choose this as their preferred method to pay for items under £3, rising to 83% of those aged 55 and above. However, a trend is emerging among younger consumers for cashless payments, with one in eight of Britain’s under-35s (12%) opting for debit cards for these low-cost transactions, and an additional 5% keen to embrace the new contactless payments that are being rolled out onto the nation’s cards as their method of choice.

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John Funnell has worked in online media for over ten years, after achieving his First Class BSC Hons Degree (BBC Sponsored), John won Bos 18-21 Princess Trust Entrepeneur of the year at 21, setting up Clean Living Records Ltd (including www.BeatReview.com) with great success having many acts that charted in Europe and Canada. After selling the business John looked for a new challenge and joined GDS International, having a successful career in sales and Delegate acquisition, he worked up to Event Director EMEA, forging contacts with some of the biggest technology names in the world, this lead to John having a lead role in the creation of MeettheBoss.com and MeettheBoss.tv – the worlds largest business IPTV channel. John then took over as Marketing and Communications Director and ran a multifaceted global Marketing team for GDS International in New York, Sydney, Kuala Lumper and the UK.. John joined Global in 2011 with the challenge of supporting its growth by developing a solid Marketing foundation through various Digital, PR and brand initiatives.