Gretel reveals 3 in 10 adults in the UK believe they have at least one lost or dormant account

According to the latest research commissioned by Gretel, there has been a noticeable increase in the awareness of lost or dormant accounts across all age demographics with a third of adults in the UK under the impression they may have lost funds they’re unaware of or haven’t considered.

Related topics:  Gretel,  Dormant Assets
Tabitha Lambie | Editor, Protection Reporter
4th December 2023
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"The journey to financial stability and growth often starts with recognising and reclaiming what is already yours."
- Duncan Stevens, CEO of Gretel

These include life insurance, investments, pensions, child trust funds and bank accounts, with the average amount believed to be lost or dormant sat at £34.6k. This revelation presents a unique opportunity for individuals to reclaim what’s rightfully theirs and become more financially stable ahead of the festive season.

If these accounts were reclaimed, 15% of adults said they would use it for everyday living costs, while 13% would use these funds to pay off debts. Notably, younger account holders were more inclined to give a portion to charity – twice as high as the national average.

25% of adults said they would consolidate these lost funds into other accounts, 12% would transfer them to a new account, and 5% would retain the same account but monitor it closely to prevent dormancy again.

Commenting on these findings, Duncan Stevens, CEO of Gretel, has said:

"The journey to financial stability and growth often starts with recognising and reclaiming what is already yours. In a time when every penny counts, these dormant assets can be a lifeline for many.

“Considering these findings, there's a golden opportunity for the financial industry to step up and play a pivotal role in reuniting people with their forgotten assets and helping them do more with them.

“While 1 in 7 would use any reclaimed money to support their everyday living costs, especially as we reach the festive season, a far greater number would reinvest it or consolidate it among other existing accounts. For proactive providers who have supported customer reconnection, we can also see a great opportunity to build on existing brand loyalty.”

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