Australians are sitting on millions of dollars – literally

Millions of dollars in loose change are current rattling around the homes, cars, wallets and purses of today’s Australians, a new survey has revealed.

McCrindle Research found that an estimated $515,280,625 in change has gathered under sofa cushions, in ‘rainy day’ jars, glove boxes and cash-carrying items of choice, the Herald Sun reported.

According to the survey, the average Australian carries about $10.40 in coins in their wallets and purses while the average motorist keeps $3.90 of meter money in their car.

In addition, it was found that the average household has about $39.27 in loose change stowed away for emergency trips to the supermarket.

The discovery of such unexpected cash reserves could encourage Australians to compare term deposits, particularly as many banks are currently offering high rates of return.

Last week, Steven Munchenberg, chief executive of the Australian Bankers’ Association, pointed out that savings interest rates of over seven per cent are being offered on some term deposits, which amounts to a three per cent increase on the official cash rate.

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