Brits are owed over £15 billion by financial institutions
At Beagle Street, we’ve carried out analysis into the UK’s missing money, which has revealed that British people are owed over £15 billion with forgotten pensions, lost life insurance policies, dormant bank accounts and misplaced lottery tickets amongst the most common reasons for unclaimed cash.
The figures show that there is an estimated £5 billion in dormant bank accounts, £3 billion sitting in unclaimed pensions and £1 billion in missing life insurance policies. The most common reason behind the unclaimed life insurance pay-outs is people losing their policy details.
In the past year, over £8.5 million has been lying idle in Lottery prize money including one £4.6 million Jackpot winner from Barking. According to the figures there is a further £3 billion sitting in both National Savings and Investment (NS&I) accounts and unfulfilled shares and dividends. There are over 1.1 million unclaimed Premium Bonds worth around £50 million, with the largest unclaimed prize estimated at £25,000.
Did you know that if money that is left sitting in bank accounts is not claimed within 15 years of lying idle it will be collected by the Government, with its first claim on dormant funds estimated to be between £60 million and £100 million. So where is the missing £15 billion?
The missing £15 billion
- £300 million estimated to sit in unclaimed lottery tickets
- £5 billion estimated to sit in dormant bank accounts
- £3 billion estimated to sit in national savings and investment accounts
- £1 billion estimated to sit in forgotten life insurance policies
- £50 million estimated to sit in unclaimed premium bonds
- £3 billion estimated to sit in unclaimed pensions
- £3 billion estimated to sit in shares and dividends
Originally released: October 2015