Many Americans don't realize how many choices exist between a savings account and taking significant market risk.

One topic that often comes up in conversations with clients is the amount of money people keep in savings accounts.

As humans, we've adapted to an incredible amount of change. We've gone from records and cassette tapes to streaming music instantly. We order meals online, video chat with family across the country, and some of us even charge our vehicles at home instead of stopping at a gas station.

Yet when it comes to savings, many people are still using the same strategy they adopted years ago.

Now, savings accounts absolutely have a purpose. Emergency funds and short-term savings should be accessible and readily available. But sometimes I find that money intended for long-term goals remains parked in a savings account simply because no one has explored the alternatives.

Consider a few interesting facts:

• Approximately 79% of Americans have a savings account.

• Nearly 43% don't know the interest rate they're earning.

• More than 4 in 10 believe most banks pay roughly the same rates.

Financial professionals often use something called the Rule of 72. It's a simple way to estimate how long money may take to double.

• At 1%, money takes approximately 72 years to double.

• At 3%, approximately 24 years.

• At 6%, approximately 12 years.

The lesson isn't about chasing returns or taking unnecessary risk.

It's about understanding opportunity cost.

Many people are surprised to learn there are numerous options that may exist between a traditional savings account and taking significant market risk.

The question isn't whether your savings account is good or bad.

The question is whether your money is positioned appropriately for what you want it to accomplish.

If you haven't reviewed your savings, CDs, retirement accounts, or other assets recently, it may be worth having a conversation. You may find your current strategy is exactly where it should be—or you may discover opportunities you didn't know existed.

The first step isn't making a change.

The first step is knowing your options.