Plymothians have £60 million of unused tech in their junk drawers
Plymothians residents could be sitting on a tech goldmine, new research by musicMagpie reveals.
A nationally representative survey of 2,000 UK adults found that around 66% of janners have at least one unused smartphone at home.
Based on musicMagpie’s average mobile phone trade-in value, there could be almost £60 million hidden in Plymouth’s junk drawers, once scaled across the adult population.
However, apathy could be costing the average person £250, with around 1 in 3 respondents (31%) admitting that they rarely or never think about trading in their old tech.
Among Brits who have a preference, more than two thirds (68%) said they would prefer trading in their old tech in person than sending it off by post. A major factor appears to be speed of payment, with 1 in 4 Brits saying that receiving their money ‘straight away’ is very important to them.
To meet this demand, musicMagpie has now teamed up with leading high street retailer Timpson to turn this into a reality. Customers can take their old smartphone to their local Timpson store, have it assessed in front of them and get paid for it within minutes.
Steve Oliver, managing director and co-founder of musicMagpie, said: "Rolling this scheme out to 1,300 stores in the Timpson network is a huge milestone for us, and it’s great to see that so many customers are choosing to trade in their old phones in a way that’s as good for the planet as it is for their wallets.
“Our research showed that the majority of Brits want the ability to trade-in their unused tech in person, so it’s brilliant that this partnership will now allow people to do just that and receive cash in their bank accounts within minutes.”
Sid Hubbard, group director at Timpson, added: "Customers across the UK can now add smartphone trade-in to the list of services available at their local Timpson shop. For over 150 years our focus has been to provide an exceptional customer experience whilst carrying out jobs that make your life easier, from key cutting to dry cleaning and shoe repairs.
“Unused tech sitting around the house is a common theme for millions of us, so we are excited to offer an easy, trusted solution on the high street. With 1,300+ conveniently located Timpson shops up and down the country, giving unused tech a second chance and turning into cash has never been easier."
With many households feeling the squeeze after Christmas, unlocking cash from old devices could provide a timely financial boost.
More than 1 in 3 people (34%) said they would use the money to pay bills or buy groceries, while 27% would put it into savings, 18% would treat themselves, and 15% would book a holiday.
Just 5% said they would put the cash towards paying their mortgage, but money saving influencer[../instagram.com/thefunmoneyclub]NeeshaCraig explained why this may be the smartest thing to do and shared her other ‘side hustle’ tips.
She said: “Overpaying your mortgage might not be on your radar but even a small overpayment can have a huge impact. I traded in my old Samsung Galaxy S23 Ultra and received £300. I then sent the £300 straight to my mortgage provider which shaved 2 months off my mortgage term and saved me £1,510 in interest!”
Neesha’s biggest financial goal is to pay off her mortgage as quickly as possible, using money made from various ‘side hustles’. Here are her top tips to make additional income, that almost anyone can do:
1. Cashback – Every time you shop in-store or online you can save money by getting cashback. You can get cashback on pretty much anything these days from your weekly grocery shop and clothing to holidays and new tech. Cashback is paid as a percentage of your spend, so if you spend £50 at 10% cashback, that’s £5 coming back your way. The average consumer can save over £300 a year just by getting cashback.
2. Selling Unwanted Items – You can sell a whole host of things online. I’ve sold DVDs, books, clothes, toys, games and homeware items. Nothing beats a good declutter to turn your unwanted items into cash. Top Tip: Use AI technology like Google Lens to see what kind of price items you have are selling for. That way you know exactly what price to list your items at.
3. Complete Surveys – One of the easiest side hustles to start with is surveys as they can be done anywhere at any time. This is one of the lowest paying side hustles but if you are consistent with it the amount you make will add up quickly.
4. Switch your Bank Account – Bank switching is an amazing side hustle that pays an average of £200 per switch for a few minutes of your time. And you don’t have to switch your main bank account to receive these switching incentives. Serial bank switchers set up burner accounts for this side hustle, so their main bank account isn’t affected.
5. Take Part in Market Research – Market Research is one of my favourite side hustles as it pays an average of £45 an hour. And all you have to do is talk and give your thoughts and opinions. Companies will often conduct market research studies when they are developing new products and services to get honest consumer feedback.
So whatever your financial goal is this year, there’s a side hustle for that. Happy Side Hustling!”
