Britons are hanging onto confidential paperwork for longer than they need to, according to Shred Easy, a confidential document and data destruction company. It says most people keep an average of ten years of bank statements.
Some people polled had more than 25 years of old bank statements and financial documents.
Jim Watson, managing director of Shred Easy, said: "Most people don’t know how long they should keep documents for tax purposes so they are hanging on to them forever. This creates a problem because it means this data is more likely to get stolen or a small amount stolen will never be noticed. People are fearful that the authorities will need the details or that they will fall into the wrong hands if they aren’t destroyed properly.
"People who don’t run a business or get income from property should keep documents for 12 months after the self-assessment filing date for a particular tax year.
"In other words, for the tax year ending April 2009, the self-assessment filing deadline is January 31, 2010, so any documents relating to that tax year should be held until January 31, 2011.
"For those who do run a business, or receive income from property, the required time span is five years from the relevant self-assessment filing deadline. It’s important to store this information securely and then make sure you destroy it properly with a professional shredding company."
