The British public are sitting on £50 million worth of loose change, according to figures from UK Finance.

The trade association, which represents 300 companies across the UK financial services industry, has urged people to donate spare change to charity.

New research by the organisation shows that due to Covid-19 lockdowns, people have held onto cash for three times longer than before and when people receive coins, many are storing them at home rather than spending or donating them.

This is particularly the case with lower denomination coins – more than half of those surveyed said they usually leave 1p, 2p, 5p and 10p change at home.

Meanwhile, the Charities Aid Foundation found that over half the charities they spoke to last year had seen a drop in donations. At the same time, 39 per cent of the charities they surveyed reported increased demand for help from those in need.

“Putting your pennies in a charity box is a great way to help those in need,” said Eric Leenders, managing director, personal finance at UK Finance.“The public has stored over £50 million of loose change over the course of the pandemic and as the UK is opening up post-lockdown every pound and penny that can be spared for worthy causes will make a tremendous difference.”

Neil Heslop, chief executive of the Charities Aid Foundation, said: “Our UK Giving Covid-19 Special Report revealed that cash donations to charities, normally the country's most popular way of giving, saw a substantial decline during 2020 and remain at very low levels compared to previous years.”

Heslop added: "As charities struggle to resume fundraising, while continuing to work on the frontlines of the response to the pandemic, donating spare loose change would be a huge show of much-needed support at a critical time.

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