Hat tip to Beth Tallman for this question idea! Thank you for all of the informative articles in your weekend reading list too! 

Answer: 39%

Motivated by three factors:

• The possibility of banks shutting down
• The convenience of having cash during emergencies
• The desire to ensure access to funds

Questions:

• How are accountholders protected if banks fail? 
• Are there any other reasons you can think of that might explain this behavior?
• What are the risks of holding lots of cash at home? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (MagnifyMoney):

Consumers are rushing to ATMs in response to the coronavirus (COVID-19) pandemic, according to a survey of more than 1,500 Americans by MagnifyMoney, a LendingTree subsidiary. The report found 28% of Americans stockpiled cash as economic uncertainty mounts, withdrawing an average of $2,224.10.

--------------------

Teach your students how to manage bank accounts in this digital age with the NGPF Banking Simulation. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

More posts by Tim