You don't win trust by fudging numbers

 

Dear Vanguard,
I've been an investor in your mutual funds for over 25 years now. But, to be honest, the ads you're sending me to via email undermine the trust you've held.
Allow me to explain. When I see the click-bait style attention-grabbing trick of putting in huge numbers, I'm already on guard. I instantly think, "Where do they get this number from?" and I look for the fine print of your footnote on it.

There I discover that -- as I suspected -- you fudged the number. This is the clear text of that footnote on the claim that  Americans are leaving $1,747,849,487,729 in low-interest savings accounts.

"1Estimate for illustrative purposes only. Total dollars held by Americans in savings accounts is extrapolated based on results of Vanguard Savings Study, March 2025. For more information see vang‍uard.‍com/‍cashpl‍us."

In plain English, what "estimate for illustrative purposes only" means is that this strangely specific number that ends with a 29 and doesn't even round up to 30 is not transcribed from a true total at all.

As I am relentless in pursuing data sources, I tracked down the fine print on the cashplus page of the Vanguard site. This is what it says:
"The online study identified the percentage of respondents who maintain a savings account and the average value of assets in those accounts based on a representative sample of 10,002 consumers that reflects the composition of the U.S. population across key demographics. Study results were then applied to the number of U.S. adults 18 years of age or older as of March 31, 2025 to extrapolate an estimate of total dollars held by Americans in savings accounts. The study was conducted by Reputation Leaders Ltd., which is not affiliated with Vanguard."

Ahah, so you found a study of how much 10,002 random adults kept in savings accounts and then decided you are free to multiply that by the number that brings it up to the total population of the United States and then present that product as if it the true number.

This is misleading.
Frankly, I find it troubling that I have entrusted my investment with a business that does this. I know it's for marketing, but you can market without resorting to lying with numbers.

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