YORK, England, August 18, 2010 /PRNewswire/ -- An estimated 5 million wallets (1) have been lost in the past five years and a further 4 million (2) stolen costing Brits GBP765 million in lost cash (3).
The new research commissioned by life assistance company CPP (http://www.cpp.co.uk/) reveals that in addition to the average GBP85 cash, Brits carry over GBP7,000 in credit in their wallets everyday.
Further to the research CPP conducted a nationwide live social experiment (4) questioning Brits' honesty and found that only two in ten of 'accidentally dropped' wallets were returned to their rightful owners and only half of those (55 per cent) contained the original sum of money.
However, three fifths of Brits claim they would either hand in, or try to track down, an owner of a lost wallet.
Not only do the vast majority of Brits (77 per cent) never see their lost or stolen wallets again, the average person will spend over 110 hours - or four and a half days - replacing their personal mementos and credit and debit cards.
The consequences of a lost wallet are serious. Beyond losing cash, precious personal mementos and the time taken in replacing lost items, careless Brits are exposing themselves to greater risks. Of those who lost their wallet or purse or had it stolen, one in five claim to have fallen victim to card fraud, while an unlucky one in twenty had their identities stolen. Worryingly, only two in five considered the danger of card fraud or identity theft when they lost their wallet or purse.
Of the cities investigated in the live experiment, Birmingham fared the worse - one in four wallets were returned and all were completely empty. Next came Glasgow, Cardiff and Leeds. Surprisingly London fared better with all those wallets which were returned still containing the original sum of money.
The research reveals that Brits are far likelier to have their wallet or purse returned if it's lost in a museum as around half (47 per cent) 'dropped' in a museum were handed in. Those 'lost' in shopping centres also stand a better chance with a third being returned. Consumers dining out or on buses and trains should be careful - none of the wallets placed in cafes or on public transport were returned.
Card fraud expert from CPP, Sarah Blaney, said: "Losing your wallet or having it stolen is a highly stressful experience and causes great inconvenience and worry. With the vast majority of people carrying their credit and debit cards, as well as vital personal information in their wallets, millions of people are putting themselves at risk of fraud. Card fraud remains a problem in the UK, and identity theft is on the rise, so we urge all consumers to take extra care of their belongings to make sure they're not hit with any unauthorised spending on their cards."
To protect consumers and offer peace of mind, CPP provides Card Protection - a resolution system which insures cardholders and up to four people in their household against the consequences of card fraud. The service includes a 24 hour fraud resolution service, which notifies card providers, order replacement cards, advances cash to replace lost money and tickets and replaces missing keys.
Table for most honest UK cities
City Wallets Wallets with Money returned Honesty
Returned Cash Returned Rank
(GBP200 max per
city)
London 20% 20% GBP40 1
Leeds 25% 15% GBP30 2
Cardiff 20% 15% GBP30 3
Glasgow 20% 10% GBP20 4
Birmingham 25% 0% GBP0 5
Notes to editor
Research Methodology
ICM interviewed a random sample of 2029 adults aged 18+ online between 29th July - 1st August 2010. Surveys were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules. Further information at www.icmresearch.co.uk
(1) The UK adult population according to ONS is 49,051,000. 10% of people claim they have lost their wallet in the last five years. 10% of 49,051,000 = 4,905,100
(2) 8% of people claim they have had their wallet stolen in the past five years. 8% of 49,051,000 = 3,924,080.
(3) 9 million wallets have been lost or stolen in the past five years. The average lost or stolen wallet contains GBP85. GBP85 x 9,000,000 = GBP765,000,000.
(4) Wallet Dropping Experiment completed by PCP Research - Methodology Notes
The procedure for this research involved wallets and purses being dropped at various locations in five UK cities. 20 wallets/purses were dropped per city, meaning a total of 100 were dropped in total. The 'drops' took place at six different types of location; shopping centre, street, public transport, car park, museum and cafe.
Each wallet or purse contained the following; GBP10 in cash (either two GBP5 notes or one GBP5 note and GBP5 in change), a photograph, tickets, receipts and stamps to add authenticity, and several business cards. Each business card bore a phone number which linked to the research team. When members of the public found the wallet/purse and rang the number, a member of the research team would take the call. During the call they took information about where the wallet/purse had been found, and whether the possessions and money were still intact, and asked for the caller to return the wallet. All members of the public who returned wallets were offered remuneration for their postage costs.
The wallets/purses were dropped by trained market research fieldworkers, who took care to ensure that they successfully made the drops without being seen by any members of the public. We wanted to avoid any situations where a member of the public saw us drop the wallet/purse and handed it straight back to us, as we wanted to allow time for someone to find it and make the decision of what to do with it.
The research was conducted between 29th June 2010 and 14th July 2010 The CPPGroup Plc
The CPPGroup Plc (CPP) is an international marketing services business offering bespoke customer management solutions to multi-sector business partners designed to enhance their customer revenue, engagement and loyalty, whilst at the same time reducing cost to deliver improved profitability.
This is underpinned by the delivery of a portfolio of complementary Life Assistance products, designed to help our mutual customers cope with the anxieties associated with the challenges and opportunities of everyday life.
Whether our customers have lost their wallets, been a victim of identity fraud or looking for lifestyle perks, CPP can help remove the hassle from their lives leaving them free to enjoy life. Globally, our Life Assistance products and services are designed to simplify the complexities of everyday living whether these affect personal finances, home, travel, personal data or future plans. When it really matters, Life Assistance enables people to live life and worry less.
Established in 1980, CPP has 10 million customers and more than 200 business partners across Europe, North America and Asia and employs 1,900 employees who handle millions of sales and service conversations each year.
In 2009, Group revenue was GBP292.1 million, an increase of more than 12 per cent over the previous year.
In March 2010, CPP debuted on the London Stock Exchange (LSE).
What We Do:
CPP provides a range of assistance products and services that allow our business partners to forge closer relationships with their customers.
We have a solution for many eventualities, including:
- Insuring our customers' mobile phones against loss, theft and damage
- Protecting the payment cards in our customers' wallets and purses,
should these be lost or stolen
- Providing assistance and protection if a customer's keys are lost or
stolen
- Providing advice, insurance and assistance to protect customers against
the insidious crime of identity fraud
- Assisting customers with their travel needs be it an emergency (for
example lost passport), or basic translation service
- Monitoring the credit status of our customers
- Provision of packaged services to business partners' customers
CPP is an award winning organisation:
- Finalist in the National Insurance Fraud Awards, Counter Fraud
Initiative of the Year category, 2009
- Finalist in the European Contact Centre Awards, Large Team and Advisor
of the Year categories, 2009
- Named in the Sunday Times 2008 PricewaterhouseCoopers Profit Track 100
- Finalists in the National Business Awards, 3i Growth Strategy category,
2008
- Finalist in the National Business Awards, Business of the Year
category, 2007, 2009 and Highly Commended in 2008
- Named in the Sunday Times 2006, 2007, 2008 and 2009 HSBC Top Track 250
companies
- Regional winner of the National Training Awards, 2007
- Winner of the BITC Health, Work and Well-Being Award, 2007
- Highly Commended in the UK National Customer Service Awards, 2006
- Winner of the Tamworth Community Involvement Award, 2006. Finalist in
2008
- Highly Commended in The Press Best Link Between Business and Education,
2005 and 2006. Winner in 2007
- Finalist in the National Business Awards, Innovation category, 2005
For more information on CPP click on http://www.cpp.co.uk
SOURCE CPPGroup Plc (CPP)
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