Tagged 'money'

With Spaniards losing faith in banks, entrepreneur sells mattress safe

The economic crisis has made consumers worldwide wary of big banks. In Spain, where the crisis has hit hard, the government was forced to bail out one of the country’s biggest banks, Bankia, to the tune of $130 billion, according to Time. Reverting to the time-honored practice of stashing cash under a mattress is not the safest choice, plus home insurance underwriters won’t cover money unless it’s kept in a safe. That’s where My Mattress Safe comes in.

A former mattress manufacturer in Spain, Paco Santos, is marketing this keypad-activated safe built into the side of a mattress, allowing anxious Spaniards to keep their money close at hand. A dramatic commercial for the mattress safe opens with a scene of rioting in the streets. After a man opens his mattress safe, a tear that has fallen down his face recedes back into his eye as his anxiety about his money fades. Alternative solutions like this show how far banks have fallen in terms of consumer trust—and how ingenious entrepreneurs are becoming in responding to this mistrust.