Modest Cash Reserves Recommended In Case Of Terrorist Attack
Many Americans overestimating how much is needed
For Immediate Release: March 5, 2003
ROCKVILLE, Md. — The United States government has recommended keeping an emergency supply of canned food, bottled water and other necessities ready in the event of a terrorist attack, but how much cash should you have on hand in case an attack occurs?
According a recent survey by Myvesta, a nonprofit consumer education organization, the average American said they would need $2,425 in cash in the event of an attack. "While it's important to have cash available in any emergency, don't take things too far and withdraw all of your money from the bank," said Steve Rhode, president and co-founder of Myvesta. "If you feel that you need some cash reserves, take out just enough money to get you through a few days."
According to Rhode, cash and a credit card could both be a part of an emergency plan.
"Even during the September 11th terrorist attacks, payment systems and banks were able to function normally," Rhode said. "For extra security carry a major credit card with you at all times. The payment systems are very secure and, as history has taught us, will mostly likely be unaffected by a terrorist attack."
Other results from the Myvesta survey include:
- Those in the Northeast and the South plan on having the most cash on hand in case of an attack. Those in the Northeast said they would need $2,786 and those in the South plan on having $2,732 on hand. Those regions include New York City and Washington D.C., respectively.
- Those aged 25-34 said they would have the most cash on hand of any age group at $3,480. Those aged 65 and over averaged $1,728.
- As income rose so did the average answer for cash needed. Those making under $25,000 a year said they would need $1,964, those making $25-$50,000 said they would need $2,125, those making $50-$75,000 said they would need $2,648 and those making over $75,000 said they would need $3,175.
The Myvesta survey was conducted February 21-23, 2003 by a random telephone survey of 1000 adult Americans.
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MyvestaSM is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.
