A cash windfall would be welcomed by many households right now, as living costs surge.

For some, this might be closer than they think, as new research suggests 45% of people have a backup mobile phone they rarely use.

They’re clinging onto these old but working mobile phones, despite using a new model day-to-day.

Mobile network giffgaff (giffgaff.com) released the research, finding the UK is failing to cash in on around £3.4 billion-worth of old and recyclable mobile phones.

Some people might be hanging onto their old mobile “just in case”.

But around two-thirds (67%) of those with old backup handsets say they have not used them in the past year, and nearly a fifth (19%) have used their previous device just once in that time.

Some people also have feelings of fondness for their old mobiles which are stopping them from letting go, with around one in eight (12%) saying they feel emotionally attached to their previous phone.

Households might be missing a trick, as giffgaff says the average trade-in value of a recyclable used handset is £111.

Of course, the exact price someone can get for their old mobile will depend on the handset, and giffgaff cautions prices can potentially fall quickly. When it compared trade prices for some models between January 2021 and January 2022, it found devices lost around 50% of their value within a year.

Alongside the financial hit, not recycling an old mobile phone could contribute to the problem of “e-waste” from old, unused tech.

CEO of giffgaff Ash Schofield says: “Our latest research highlights that there’s a significant opportunity for people with an old mobile phone to make a tangible, sustainable impact, and gain some extra cash.

“And with the cost of living rising across the board, now is a great time to get something back by trading in your old phone.”