Americans’ 5 Favorite Cash Hiding Places — How Much Should You Keep at Home?

Americans’ 5 Favorite Cash Hiding Places — How Much Should You Keep at Home?

Nicole Spector   Sun, June 18, 2023

For roughly the past 100 years, there has been an element of consumer distrust around banks. During the Depression, 9,000 banks failed. There was no FDIC insurance back then (that arose with the New Deal), and some $7 billion in customer deposits vanished. People were left penniless. Those depositors had more than enough reasons to justify their skepticism, disappointment and devastation when it came to banks.

In the wake of the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank, wariness toward banks has risen again. Scrutiny of and lack of trust in a bank’s security has been particularly strong with Gen Z, who are generally newer to banking than older generations.

A popular way to avoid keeping some (or all) of your money in the bank is to keep it at home. A recent survey from American Express Spending and Savings Tracker determined that 43% of Americans keep their savings in cash. Another survey, by Life And My Finances, found that 91.5% of Americans keep cash at home.

Where Americans Hide Their Cash

Additionally, the Life And My Finances survey found that Americans have a few favorite spots for hoarding their cold hard cash. Here’s where they’re most likely to stash it:

In a safe: 63.3%

Inside the refrigerator: 13.3%

In a suitcase: 6.1%

In a closet: 5%

In a water tank: 4%

What do finance experts think of these hiding spots and of keeping cash at home in general? And what’s their opinion on the ideal amount of cash to have on hand for emergency purposes and/or in the event they can’t get to their bank? Let’s find out.

There’s Only One Smart Spot for You To Keep Cash at Home

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https://www.yahoo.com/finance/news/americans-5-favorite-cash-hiding-130032728.html