Economy sucks right now is all I know, I am a freshmen in highschool and I worked all summer. I’m just wondering if my savings could of gone down.
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Most banks around the world are protected by Deposit insurance.
In the USA it’s the FDIC. In Canada, it’s the CDIC. In India, it’s the CGCIC.
Not sure where you are from, but for the most part if your savings are less than $100,000 (or less than $250,000 in the USA until the end of ’09) they are covered. If your savings are more than $100,000 please tell me how you’ve accumulated that much money by your freshman year in high school so I can teach my kids to do it
If you’re savings are in some type of investment like a Mutual Fund or equities they wouldn’t be protected and you may have lost some money on paper, but if oyu leave it in there it will come back up. If you’re invested in something like a Segragated Fund or GIC, you’re money is safe becuase it has a maturity guarantee on them.
As a freshman in high-school, you have already acquired the habit of savings! Wow! This is commendable. This may be a good time for you to learn about how to read your account statements and track your savings. You should go to your institution, which I am assuming is a bank, and take a look at your statement. You will have earned some interest on your savings.
The possibility of loss depends on the “riskiness” of the savings instrument. Bank savings account are “risk free” up to a certain limit because they are insured by the FDIC. There are the different places where one can invest their savings such as the stock market, bond market, etc. Each one involves a different degree of risk and provide a corresponding level of return over the long term. The choice depends on the situation and purpose of the savings.
Not unless you had them invested in the stock market.
If they’re in the bank in a savings account, they’re fine. Banks are protected by FDIC and even if the economy is bad, the money you put in the bank stays right where it belongs.