And while there are plenty of stories about institutions and individuals who have lost cash, there are plenty of people out there who want to hold on to what they've still got.

While your granny may have advocated putting it under the mattress, most of us accept that's not really a sensible option.

However, ever-reducing savings rates offered by banks and building societies are putting many off the more conventional choices.

Even putting money away for retirement is proving difficult for some, with recent research showing that almost one in five of UK workers say they have reduced the amount they save for an occupational or private pension as a result of the credit crunch.

Investing in property has always been regarded as a sensible route for your money, but even that is proving more precarious as UK prices plummet.

One local company encouraging people to look further afield for a sound investment is McCormick Overseas Property Ltd.
Diversify

Managing director Peter McCormick, pictured, said: "I've been involved in financial services for 17 years and with the overseas market for the last four. The idea is to give clients the opportunity to diversify with ancillary projects.

"Looking at the UK, people already have the stock market, pensions and buy to let available as investment options, but some clients are looking for alternatives and property overseas makes sense for them."

Although his company has properties available in the UK, it is developments in Cyprus which are proving most popular.

Peter (46) added: "The potential growth of the market place in Cyprus is still good compared to the UK where the property market has run its course.

''Cyprus joined the European Union in 2004 and things have changed dramatically since then.

''Investment from the EU has seen a lot of developments, including marinas and golf course, which make it very attractive."

However, he warned potential buyers to leave behind any sentiments when purchasing abroad. He said: "This is all about making money, it's not about the colour of the curtains.

''Yes, you may use it for holidays a few weeks in the year, but the rest of the time you want it to make money for you."

A former Falkirk player, last season Peter signed up as an affinity sponsor with the football club's academy and every property that is sold sees him make a contribution to the club's future stars.

To find out more visit www.mccormickoverseas. co.uk.