Americans take to hiding cash as trust in government and banks deteriorate

Monday, February 9, 2015
By Paul Martin

by: Daniel Barker
Monday, February 09, 2015

In the face of an uncertain future, it appears that more Americans than ever are keeping at least some of their savings in the form of cash. And among those who have cash savings, more than half are choosing not to store their finances in bank vaults or safety deposit boxes, but rather in secret locations around the home.

At least that’s the case according to a recent survey conducted by American Express, which found that 29 percent of Americans are now saving cash and coins, and that 53 percent of those who do are opting to stash it in safes or other hiding places in their homes.

The survey also revealed that millennials are even more likely to avoid banks — 67 percent of those from that generation who have cash savings prefer stashing, rather than depositing.

In a world where nothing is “too big to fail,” as we have seen proven time and time again in recent years, it’s no wonder that so many Americans have lost trust in the government and banking institutions as well.

American Express has reported an “uptick” in recent years regarding the number of people who are saving cash. Security experts have also witnessed a surge of cash-stashing that began during the 2008 financial crisis and is still continuing.

There are, of course, some risks involved in hiding cash in your home. One problem is that the typical hiding places — such as freezers, mattresses and sock drawers — are the first places a burglar will look.

The Rest…HERE

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