Generation X tend to hoard coins, but millennials more likely to spend change straightaway

Coinstar®, a leader in self-service coin counting, can reveal that it’s not just clothes and furniture that Brits tend to hoard – it’s also unused coins. Coinstar’s statistics (according to research from Coinstar’s Brand Health Tracker 2016, conducted by MartizCX) show 63% of customers continue to save in piggybanks or jars at home. Stats reveal millennials are more likely to try to spend loose change immediately (45%) whereas Generation X tend to hoard loose change and only 18% try to spend them immediately.

Coinstar is encouraging the nation to declutter and trade in their loose change for something they really want, perhaps a treat or a charity donation. Plus, when customers cash in their coins throughout May they will earn a chance to double their money in the Big Cash Clean Up. 

The promotion, running until 27th May, is just in time as Coinstar’s recent statistics show the average transaction value to be around £38. Customers trading in their piggybanks have a one in ten chance to double their money.

In a document alongside the Spring Statement the Treasury revealed there has been a decrease in the use of 1p and 2p coins. Six in 10 coppers (Statistics from Spring Statement 2018) are used just once before being stowed away in a jar or piggybank. Not only are Britons hoarding coppers, a further eight per cent of these coins are thrown away.

With potentially billions crammed in money boxes across the nation, now might be the perfect time to declutter and cash in.

It couldn’t be any easier to make the most of your money, shoppers simply pour in their spare coins at their nearest Coinstar machine which can be found in more than 1,900 leading supermarket locations across the country.

Nick Harris from Coinstar says: “We all have jars of loose change at home, yet we don’t realise how much they’re actually worth. We’re encouraging customers to cash in and be in with a chance of doubling their money – ensuring those idle coins they’re holding on to can go towards a treat or donated to charity.“

Coinstar helps turn your change into extra money that can be put towards something you really want. So if you have a piggybank laying around, it’s time to trade in your loose change and who knows you may even win double your money!

Visit Coinstar UK to find your local kiosk, head to the kiosk to cash in your coins, the machine will issue a voucher. Log on to Coinstar’s Big Cash Cleanup site here to enter the code on your voucher.

 

 

 

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About Monica Costa

Monica Costa founded London Mums in September 2006 after her son Diego’s birth together with a group of mothers who felt the need of meeting up regularly to share the challenges and joys of motherhood in metropolitan and multicultural London. London Mums is the FREE and independent peer support group for mums and mumpreneurs based in London https://londonmumsmagazine.com and you can connect on Twitter @londonmums

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