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99p coin could save Brits millions - Financial news from Quotesure - 23/08/2005


New research shows the advantages of a 99p coin.
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99p coin could save Brits millions

How often does it happen when people are in shops that they don't bother taking the obligatory one penny change?

And how many times have Brits saved their coppers in a jar but never bothered to spend them?

New research by Virgin Money shows that creating a 99p coin could save UK consumers around £133 million per year.

Nearly half of all Brits are frustrated with 99p prices, and one in three said that they would welcome the introduction of a 99p coin.

Roughly 40 per cent of respondents said they would rather break a note or coin than count out coppers to pay for an item, which leaves the average Brit with £10 of unspent money every month.

'It seems there is more to modernising British coinage than redesigning coins,' said Scott Mowbray, of Virgin Money.

'A new 99p coin would be welcomed by many Brits who find the 99p pricing policy irritating and could save millions in discarded coppers.'

Charities seem to be the beneficiary of this unwanted cash, with one in ten saying that they gave their small change to good causes.

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