Forget Mattresses - Baby Boomers are Putting Money in Safes
My parents never put their money under a mattress, but I do know some people of that generation who did. They lived through the Great Depression and lost money in bank failures. So they were not about to trust a bank.
Today we don’t have the same concern about banks -the FDIC says it will protect money in bank accounts, but many people are still nervous. And nervous people do strange things.
The sale of safes is booming, as people look around and decide that they can’t risk their money in the market, and the interest rate on bank and money market accounts is non-existent.
One big reason for the safes: people are buying gold and silver as their prices rise. The price of gold is on the rise (you can watch a live gold price site to see minute-by-minute changes).
You may also want to buy a safe if you have valuable papers and you don’t want them in a safe deposit box. My husband says the “fire proof” label doesn’t really protect you in case of a fire. But the safe deposit box at the bank might be closed when you need that passport or certificate.
Would you consider buying a safe?
How about putting a bow on it and calling it a Christmas present?
Tags: baby boomers, booming businesses, sale of safesRelated Stories
POSTED IN: Baby Boomer investors, Boomer Talk, Boomers Remember, Boomers nearing retirement
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