Do you have any old mobile phones lying around at home?

You’re not alone!

According to a new survey, Brits are missing out on collective cash mountain of £6.9 billion by not trading in their old phones.

A poll of 2,083 adults revealed that 88 per cent have not exchanged a mobile phone for cash - or money off a new one - in the last two years.

By failing to do this, they could be missing out on huge savings.

The average smartphone value, of the top five handsets that are traded in, came in at £152.67.

So why aren’t Brits trading in their phones?

Researchers found 28% won't swap in or sell a mobile phone because of privacy concerns.

Meanwhile, many believe it is too complicated and 23% have a lack of trust in quotes previously given to them on their old tech.

The study, by Vodafone UK, also found nearly one in 15 (7%) have discarded a smartphone in a general waste bin.

A sizeable 30% have kept their phones as back-ups – even though 58% of people have never actually needed to use their old devices.

Six in 10 Brits have unused devices sat at home, gathering dust.

Vodafone launched a new trade-in tool

The research was conducted to celebrate the launch of Vodafone's new trade-in tool, and also revealed people are massively underestimating the worth of old handsets by more than £100.

Adults believe the iPhone X to be valued at less than £100 on average when, in reality, it has a market trade-in value of more than double that at £220.

And now, customers could save as much as £360 off the latest Apple smartphone release by trading in an iPhone X or above.

The study also found that a quarter (25%) of those who have decided to swap-in their old device, say they didn't receive as much for their mobile as they were initially promised.

TV presenter and Vodafone's newly appointed chief trade-in officer, Michelle Ackerley, said: "So many people have missed out on savings because the trade-in experience just hasn't been good enough.

"It's so frustrating to be quoted one price, and then have that reduced at the last minute.

"As the new Vodafone chief trade-in officer, I want to make sure everyone knows how much money they could be saving, and that everyone gets what they've been promised.

"I want to help customers upgrade to the latest tech at a much more affordable price than they might think is possible."

To mark the launch of the new iPhone 12 Series, Vodafone's new trade-in tool, available to anyone through the MyVodafone app, allows customers to quickly and easily trade in iPhone X, XS, XS Max or XR or iPhone 8 or 8 Plus for a guaranteed monthly saving on the new handset.