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"Savings account" however is commonly interpreted as including things like a stock market account, and therefore include most investments. It would not include

"Savings account" however is commonly interpreted as including things like a stock market account, and therefore include most investments. It would not include housing equity and pension savings, but it would include more than just an actual savings account.

privong 9y ago
> "Savings account" however is commonly interpreted as including things like a stock market account, and therefore include most investments. It is? If posed that question I would've responded like the GP suggested and only thought about what is in the bank account that's called a "savings account" and ignored any investments.
WalterBright 9y ago
A stock market account would be a brokerage account, and that is very different (practically and legally) from a savings account. For one, a savings account is insured by the FDIC, a brokerage account is not.
- SilasX 9y ago
  Well, for purposes of this question, it would make sense to include the cash in brokerage accounts (along with checking accounts), since that’s very liquid and accessible, and is insured through SIPC: https://www.sipc.org/for-investors/what-sipc-protects https://www.sipc.org/for-investors/what-sipc-protects
  - WalterBright 9y ago
    Varying interpretations of the question cast hopeless doubt on their data & conclusions.
bendoernberg 9y ago
Are you sure that most people would interpret "savings account" to include checking accounts, gold bars stashed under their bed, Schwab accounts, etc? I'm not.
SilasX 9y ago
Depending on what an expression “obviously means” is how you get unhelpful answers and misinterpretations of the question. They should have phrased it in multiple ways to clarify what they were asking eg “do you have $1000 ready to spend without incurring further debt? Include checking accounts, savings accounts, money market mutual funds, and any other financial account from which you could withdraw $1000 without penalty within one business day.” Edit: if you ask me about my “savings account”, I’m going to answer about “things that are explicitly called by the name ‘savings accounts’.” (It’s hard to infer intent without context.) If they want to know about my “[liquid] savings”, they should say that, not some other term of art with a technical meaning.

privong 9y ago

> "Savings account" however is commonly interpreted as including things like a stock market account, and therefore include most investments. It is? If posed that question I would've responded like the GP suggested and only thought about what is in the bank account that's called a "savings account" and ignored any investments.

WalterBright 9y ago

A stock market account would be a brokerage account, and that is very different (practically and legally) from a savings account. For one, a savings account is insured by the FDIC, a brokerage account is not.

SilasX 9y ago
Well, for purposes of this question, it would make sense to include the cash in brokerage accounts (along with checking accounts), since that’s very liquid and accessible, and is insured through SIPC: https://www.sipc.org/for-investors/what-sipc-protects https://www.sipc.org/for-investors/what-sipc-protects
- WalterBright 9y ago
  Varying interpretations of the question cast hopeless doubt on their data & conclusions.

bendoernberg 9y ago

Are you sure that most people would interpret "savings account" to include checking accounts, gold bars stashed under their bed, Schwab accounts, etc? I'm not.

SilasX 9y ago

Depending on what an expression “obviously means” is how you get unhelpful answers and misinterpretations of the question. They should have phrased it in multiple ways to clarify what they were asking eg “do you have $1000 ready to spend without incurring further debt? Include checking accounts, savings accounts, money market mutual funds, and any other financial account from which you could withdraw $1000 without penalty within one business day.” Edit: if you ask me about my “savings account”, I’m going to answer about “things that are explicitly called by the name ‘savings accounts’.” (It’s hard to infer intent without context.) If they want to know about my “[liquid] savings”, they should say that, not some other term of art with a technical meaning.