Of those who withdrew cash, the average amount taken out was $2,224.10
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.
Key findings:
- You’re more likely to see a man rushing to the ATM than a woman. Of the respondents who said they’re stockpiling cash, 38% were men while only 18% were women.
- Younger Americans were more likely to withdraw cash than older consumers. Gen Z was the majority cohort withdrawing cash, with 39% saying they had done so, followed by 37% of Gen X and 35% of millennials. Only 13% of baby boomers and 11% of the silent generation have chosen to do so.
- Those with larger household incomes withdrew cash more than lower income earners. About 36% of respondents with an annual household income of $100,000 or more and 31% of those earning between $75,000 to $99,999 said they’d taken out cash. In comparison, only 23% of households that earn less than $25,000 per year had withdrawn funds.
- Parents with kids under the age of 18 were much more likely to take out cash. About 47% chose to do so, taking out an average of nearly $3,000. Meanwhile, only 14% of respondents with children over the age of 18 and 23% of adults with no kids felt the need to withdraw and stockpile their cash.
- Those who have stockpiled cash said they were primarily motivated by three factors:
- The possibility of banks shutting down
- The convenience of having cash during emergencies
- The desire to ensure access to funds
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MagnifyMoney.com, a subsidiary of LendingTree, makes it easy for consumers to shop for the best financial products and get answers to their most important financial questions. MagnifyMoney’s unbiased advice and comprehensive product database helps millions of people compare credit cards, loans, checking accounts and savings accounts. MagnifyMoney’s newsroom of personal finance experts is dedicated to helping people save money and lead financially healthier lives through strategies and tips for avoiding fees, getting out of debt, paying off student loans, avoiding consumer scams and other financial topics. MagnifyMoney was launched in 2014, was acquired by LendingTree in 2017, and is based in New York, NY. For more information, please visit www.magnifymoney.com.
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