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Insurer’s Alert: Social Media ‘Cash Stuffing’ Trend Raises Alarming Concerns

Insurer’s Alert: Social Media ‘Cash Stuffing’ Trend Raises Alarming Concerns

An insurer is warning savers about the risks of a budgeting trend known as “cash stuffing”. Admiral has seen an increase in claims involving cash, including claims where significant amounts of cash kept in envelopes have been stolen during break-ins. Insurance policies may have limits on the amounts that people can claim for cash being lost or stolen, or may not cover cash going missing in certain circumstances. Admiral is reminding those considering the trend to check how much cash their insurance policy covers them for in case the money is lost or stolen. The insurer also suggests that people consider alternative methods of budgeting, such as using savings pots features in banking apps.

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