Luddly Neddite
Diamond Member
- Sep 14, 2011
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Americans are hoarding money in checking accounts
Cash -- or something close to it -- is king again.
Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.
Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.
Coincidentally, we were talking about this very thing with friends a couple of days ago.
As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)
So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?
Cash -- or something close to it -- is king again.
Enjoying a steady job market but reluctant to spend freely due to economic uncertainty, a wide swath of middle-class Americans are hoarding money in banks.
Total bank deposits rose 6.6% last year to $10.7 trillion, extending steady growth seen in recent years, data from the Federal Deposit Insurance Corporation show.
Coincidentally, we were talking about this very thing with friends a couple of days ago.
As a result of being homeless and on my own at 16, I've always been pretty fanatical about saving money. In the past, everyone put their extra cash in savings accounts or investments. We recently sold a house and ended up with a large chunk of cash but, at our age, we don't need to add to our investments, there's no money to be made in savings accounts, our home and cars are paid for so we decided to just keep the cash, some in checking, some elsewhere. We had already been keeping cash but added that to it. (Actually, we went shopping first. Got our deck enlarged and added a level, got a new stove top, stuff like that.)
So, what do you think? What do you do with disposable income? And, do you think/feel differently with the Rs in charge and in power than you did when Obama was prez? Knowing that trump is raising the working class taxes, do you keep more cash or less?