Sleep Cupid’s Money Under Your Mattress Survey
AKA War on Cash Survey
With governments around the world waging war against ‘money under mattresses’. Sleep Cupid was curious to find out exactly how Americans feel about cash possibly being banned and controlled?
So we asked over 2,500 adults from around America a variety of war on cash related questions. The survey results make for interesting reading.
See the results for yourself…
Keeping Cash in the Home
We asked survey respondents “Do you keep over $3,000 USD cash, gold or silver in your home?”
Results show that close to 40% of Americans keep significant cash or cash equivalents in their homes.
With growing inequality across America, the number of Americans who want to keep significant cash or equivalent reserves in their homes is probably much higher.
This result may be more reflective of the ‘lack of savings’ facing many Americans rather than an unwillingness to keep cash in the home.
Support for Banning Cash in America
We asked survey respondents “do you support banning cash in America and replacing cash with digital payments?”
Clearly most Americans oppose banning cash by itself.
But with powerful interests at play and plenty to gain by banning cash by those in power – the American public’s opposition to banning cash may mean little in the end.
Next we looked at how different arguments might change people’s opposition to banning cash.
Banning Cash to Prevent Terrorism & Crime
Recently there has been a global effort to associate cash with everything that is dirty – drugs, terrorism and crime. The effort appears to be coordinated and consistent.
We wanted to see if framing the debate in terms of decreasing serious crimes like terrorism would change people’s minds.
Survey respondents were much more willing to support banning cash if it decreased terrorism. But not so willing to support banning cash to prevent other crimes.
Overall the majority of Americans were still unwilling to have cash banned.
Keeping Cash to Protect Against Negative Interest Rates
We asked survey respondents a detailed question with a statement first to explain the question.
“Holding cash would protect you from negative interest rates. If you believed negative interest rates were likely, would you want to keep cash in your home instead of a bank?”
Naturally, almost every survey respondent indicated a desire to keep their money in cash if negative interest rates were implemented.
Fear of loss is a strong motivator. Keep in mind banning cash and negative interest rates go hand in hand so this is an important question.
Global War on Cash Awareness
Most Americans are unaware that cash is being banned in countries around the globe.
Only 30% of survey respondents indicated that they knew cash was being banned in some countries.
This may change over time as the war on cash becomes more widespread and closer to home.
Banning the $100 Bill
We asked survey respondents “how would you feel if only the $100 USD bill was removed from circulation but all other notes were still circulated freely?”
Removing the $100 bill from circulation would make nearly half of survey respondents feel angry.
We’re not really sure what motivated the small percentage of respondents who would be happy for $100 bills being removed from circulation.
As we can see by adding together the ‘happy’ and ‘unconcerned’ respondents, close to 10% of Americans consistently support banning cash.
Support for Maximum Monthly Cash Withdrawal Limits
Survey respondents were asked “would you support a maximum monthly cash withdrawal limit at banks?”
Results show most respondents oppose cash withdrawal limits at banks.
Support for cash withdrawal limits at banks is slightly higher compared with an outright ban on cash.
Monthly Cash Withdrawal Limit Amounts
We asked respondents “what would be the maximum monthly cash withdrawal limit at banks you would support?”
We gave respondents 4 options – each a monetary value limit. There was no option to reject or oppose cash withdrawal limits for this question. Respondents had to choose a value.
Over 90% of survey respondents supported a monthly cash withdrawal limit between $100K – $500K.
Concerns About Withdrawing Cash in GFC2
To finish off the survey, we asked the respondents a final question. With a statement before the question (to give the question meaning).
“Eliminating cash would stop you withdrawing money from the bank in GFC2. You would be unable to withdraw your money from the banking system – only transfer money between banks. Would this concern you?”
Close to 80% of respondents would be concerned about having their money locked in the banking system during GFC2.
Which is of course what banning cash would do – remove money from under mattresses and lock that money in the banking system permanently.
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