Just 1 in 5 savers have competitive interest rates of 3% or better on their cash, a Bankrate survey from earlier this year found.
Here are several mistakes with cash that financial advisors say investors should try to avoid.
For savers who are keeping large balances in accounts providing low interest rates, Harrington said he tries to explain to them that they are losing spending power over time.
If you have a financial advisor, you should be talking to them about all of your cash savings, according to Lane at Flourish.
While financial advisors tend to believe they manage all of their clients' money, no financial advisor truly does, Lane said.
Persons:
Xavier Lorenzo, —, Gary Zimmerman, Max Lane, Lane, Tim Harrington, Harrington, they'll, Cash
Organizations:
MaxMyInterest, Longview Financial Advisors
Locations:
Longview, San Rafael , California