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Are you stashing your cash in the right way?

Mediafeed Logo By Sarah Berger of Mediafeed | Slide 1 of 9: While a penny saved may be a penny earned, where you keep that penny can determine its purchasing power in the future. In fact, stashing your cash in the right spot is key to maximizing your money — otherwise, you run the risk of your money losing its value over time due to inflation.However, a new MagnifyMoney survey of over 1,000 respondents reveals a disheartening reality: Nearly 1 in 4 consumers have “no idea” where to put their money. This is especially true for Gen Xers and high-income households. Additionally, we found that the majority of consumers are simply keeping their cash in checking accounts, which are notorious for doling out dismal interest rates.

Many Americans have ‘no idea’ where to keep their money

While a penny saved may be a penny earned, where you keep that penny can determine its purchasing power in the future. In fact, stashing your cash in the right spot is key to maximizing your money — otherwise, you run the risk of your money losing its value over time due to inflation.

However, a new MagnifyMoney survey of over 1,000 respondents reveals a disheartening reality: Nearly 1 in 4 consumers have “no idea” where to put their money. This is especially true for Gen Xers and high-income households. Additionally, we found that the majority of consumers are simply keeping their cash in checking accounts, which are notorious for doling out dismal interest rates.

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