MASON CITY, Iowa – More of us are saving our money.
Across the nation, Americans are putting record amounts of money into their checking and savings accounts, instead of mutual funds.
And it’s all because of the low return rate.
Experts are finding that it’s easier for folks to save money by putting it into checking or savings accounts compared to other investments.
Sara Carlsson, a financial advisor for Edward Jones, says letting money sit around can be a risk too.
“I think leaving cash earning less than the inflation is a bad idea over a long time period because we actually lose money or go broke slowly when we let lie in a savings account,” said Carlsson.
Carlsson added says interest rates will be going up eventually.
According to the study, more than one trillion dollars has moved from mutual funds into checking accounts.