Figures from UK Finance show that the British public is sitting on piles of loose change worth an estimated £50 million. Along with the Charities Aid Foundation, UK Finance is asking people to consider donating some of this spare change to charity.

New research shows that due to Covid-19 lockdowns, people have held onto cash for three times longer than before and when people receive coins, many are storing them at home rather than spending or donating them. This is particularly the case with lower denomination coins – more than half of those surveyed said they usually leave 1p, 2p, 5p and 10p change at home.

Meanwhile, the Charities Aid Foundation found that over half the charities they spoke to last year had seen a drop in donations. At the same time, 39% of the charities they surveyed reported increased demand for help from those in need.

Donating accumulated loose change would provide a real benefit to charities and would reduce the need to mint new coins, which is better for the environment - both in terms of production and distribution.

Eric Leenders, managing director of Personal Finance at UK Finance, said: “Putting your pennies in a charity box is a great way to help those in need.

“The public has stored over £50 million of loose change over the course of the pandemic and as the UK is opening up post-lockdown every pound and penny that can be spared for worthy causes will make a tremendous difference.”

Neil Heslop, chief executive of the Charities Aid Foundation, added: “Our UK Giving Covid-19 Special Report revealed that cash donations to charities, normally the country’s most popular way of giving, saw a substantial decline during 2020 and remain at very low levels compared to previous years.

“As charities struggle to resume fundraising, while continuing to work on the frontlines of the response to the pandemic, donating spare loose change would be a huge show of much-needed support at a critical time.”