Nathan B. Hannah, attorney
  • Home
  • Links
  • Law Blog
  • Music Blog

REPORT: 29% OF AMERICANS KEEP SOME SAVINGS IN CASH; ARE YOU KEEPING IT SOMEWHERE SAFE?

1/30/2015

0 Comments

 
According to this January 29 report from CNBC, based on a survey by American Express, nearly one-third of Americans say that they keep at least some savings in cash.  An earlier survey mentioned in the CNBC report found that of those who keep cash in their house, 27% kept it in the freezer.

I have had clients tell me that they keep their estate plan documents in the freezer.  I say, as long as someone other than you knows where they are and can get to them if necessary, anyplace where they won’t burn up if the house burns down is fine.  With estate plan documents, a safe place is where they won’t be lost or destroyed.  Preventing theft isn’t the issue, unlike with case.

As for not keeping your savings in the bank, I can’t say that I blame the 67% of young people who said they keep savings in cash rather than in the bank.  They have grown up in an era where there is really no financial advantage to keeping a savings account.  When I learned to save, one of the incentives was that the savings earned interest.  Although I understand that the whole interest rate thing is very complex, it’s a shame that the younger generation (not to mention senior citizens who relied on interest income from their retirement savings) has been deprived of that incentive to save.  I’m sure it has had a negative impact on the savings rate.

0 Comments



Leave a Reply.

    Author

    The contents of this blog, this web site, and any writings by me that are linked here, are all my personal commentary. None of it is intended to be legal advice for your situation.
    If you want to read more, take a look at my newsletter archive.

    Archives

    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014

    Categories

    All
    Estate And Gift Tax
    Estate Planning
    First Amendment
    Income Tax
    Lawyer
    Real Estate
    Tax

      To get updates via email:

    Subscribe to Newsletter

    RSS Feed

Proudly powered by Weebly
  • Home
  • Links
  • Law Blog
  • Music Blog