Why is it so common for Americans to "stick money under your mattress"?

Question

...given the amount of quality financial insitutions in the US? Do you think hiding your money in some "unusual" location in your house is much safer than keeping it in your desk drawer?

Answer 1

Of course it's "safer" to hide something in an obscure place that a thief wouldn't be able to find within a short period of time. However, you're screwed in the event of a fire...

And why do they put not just put it in a bank? Many reasons. Many people work in cash businesses and it would be hassle to take the money to the bank so they just keep it around. Which is legal - I'm sure there are illegal motivators, too...b/c if they can't see it they don't know it's undeclared...

Answer 2

This was done a long time ago when the first banks were opened. Most of the old timers didn't trust their money being in a bank. And really, would you trust it there with all of the bank robberies going on 120 years ago? And without any kind of protection to replace it should the bank be robbed?
People believed that under the mattress was the safest place to store it. They would also pull up a floor board and stash it there. Or take a rock out of the fireplace and put it there. And inside the mattress was a common place to hide it, too.
But the "put it under the mattress" became the common saying for some one that didn't like the bank idea.

Answer 3

The phrase "money under the mattress" was under the impression that if a robber broke into your house, they were unlikely to look there. However, that's one of the first places they look, as well as desk drawers.

The safest place for money is actually your basement, because few robbers go there because there is only one exit and they can get trapped.

There are lots of reasons to not put money in the bank. For example, it may be gambling winnings (if you deposit over $5,000 in cash, the feds are notified), or money you don't want your spouse to know you have. Also, there was a huge grid power failure in 2004 that impacted most of the eastern US and Canada, and many ATM's didn't work for 3 - 4 days while they got the grid up - thus, if you had no cash, you couldn't buy groceries, since the phone lines were down for credit cards.

Also, anything you buy on credit card is fed into a giant database, so perhaps you buy something you would just as soon not have the "world" know, whether it is a playboy magazine or cross dresser clothes. In that case, using cash for those purposes helps protect your privacy.

Answer 4

You have been watching to many old movies. Americans don't stick money under my mattress. Nor do they stick money under their mattress. Your second question makes no sense at all. Do I think hiding my money in some "unusual" (would that be under a mattress) is much safer than keeping it in my desk drawer ? See how all this does not make sense ?
I can see that your sentence structure needs improving and maybe I should not be so harsh with you.
Understand this...Americans make good use of their financial institutions.

Answer 5

Keeping large sums of money in your home is stupid. If you have the actual money on you or in your presence, you'll have the tendancy to spend it faster.

What would happen if your house was burnt down, damaged by a storm or burglarized? Its possible that you could lose your life savings.

If its true, which I dont think it is, about being common for Americans to stick money under the mattress.... Why keep money in a bank when your not going to make anything with the interest the give?

Answer 6

I am an American, and I never put my money under my mattress.

I keep my money in my purse (small amounts for daily use), or in the bank (larger amounts for the sake of security).

I'd imagine that people who regularly rob houses already know ALL the "good" places to hide money, jewelery, etc!

Answer 7

It isn't common in my experience as a stockbroker. It used to be done mostly by older adults who could remember the stock market crash and subsequent bank failures during the depression years in the 1920's. Very few people do it anymore, although many still keep their money in bank savings accounts earning the minimum of interest.

Answer 8

I think it is an old manner to stick money under mattress.In modern life we should keep our money in our current account or in our saving account in bank.We can draw it any time if we need our money by check or by ATM..We can also get our own money in teller's machine with an ATM.By keeping in bank we can receive some facilities from bank such as discount card,credit card or loan facility..Besides that we can earn also an interest income.
It is a savest manner of our money to keep it in a bank..Our money can not be stolen by others if we keep secret our pin and our saving book.

Answer 9

the safest would be a safe deposit box, for larger amounts of money, because under the mattress is one of the first places a burglar looks (some people put their money in the freezer too, but I don't think that's any better)
maybe it's so common because people think "well, a burglar would probably think it's such an obvious place to look, I haven't probably chosen it, because I know it's one of the first places he'd look????" ;)

Answer 10

It is not common - it is a cliche. Most Americans are so far in debt that they don't have money to hide anyway. If we do have money we are likely to keep some of it in a bank and most of it in stocks.

I did know a crazy survivalist once who bought gold and burried it in state parks to "keep it safe". Most sad.