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 termed

image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Analysis of the Biscuit Tin Economy The Biscuit Tin Economy refers to a trend where individuals particularly in Britain choose to hide cash in their homes rather than investing it or depositing it in ... 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_2

Step: 3

blur-text-image_3

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

Essential Quantitative Methods For Business Management And Finance

Authors: Les Oakshott

7th Edition

1352005697, 978-1352005691

More Books

Students also viewed these General Management questions