Survey Research & Economic Data

2021 AFP Liquidity Survey

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Underwritten by Invesco

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The 2021 Association for Financial Professionals (AFP) Liquidity Survey, underwritten by Invesco, finds that as organizations gradually recover from the liquidity crisis due to the coronavirus pandemic, there is a large focus on preserving their cash and safeguarding against any future uncertainty.

According to the survey, 47% report an increase in their organizations’ cash and short-term investment holdings within the U.S. in the past 12 months ending March 2021, which is 16 percentage points higher than the 31% reported in the 2020 AFP® Liquidity Survey Report and the highest share reported in the 16 years that AFP has been tracking this data.

The survey also reveals that organizations continue to maintain slightly more than half of their short-term investments in bank deposits, as this year’s results show that the typical organization currently maintains 52% of its short-term investment portfolio in bank deposits (compared to 51% in 2020). This allocation represents a six-percentage-point increase from 2019 and a four-percentage-point increase from 2018. A total of 327 corporate treasury and finance professionals responded to the survey.

More highlights include:

  • Seventy-two percent of survey respondents report that pandemic planning and contingencies had either a significant or some impact on the increase in cash holdings at their organizations.
  • When selecting a mutual fund, the survey reports that 65% of treasury and finance professionals cite fund yield as a primary driver, 55% cite fund ratings, and 45% cite fixed or floating NAV.
  • The share of respondents (60%) who reported that their organizations either have plans to prepare operating cash and investment portfolios for LIBOR or are researching the process for doing so is significantly larger than the 39% who reported the same in last year’s survey.

AFP thanks Invesco for its underwriting support of the 2021 AFP Liquidity Survey.

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Companion Webinar: Results from the 2021 AFP Liquidity Survey

Tuesday, July 13th, 2021


AFP Liquidity Dashboard:

Benchmark your organization’s strategy regarding short-term investments and cash holdings. 

Access the AFP Liquidity Dashboard.

Press Inquiries

Press release - Survey: Significant Increase in Cash Holdings Within the U.S. Attributed to Pandemic

Contact pr@afponline.org or call 301.907.2862 for more in-depth information, to read the full report or to arrange an interview with the AFP Research team.

Questions about this subject?

Contact Tom Hunt, AFP's Director of Treasury Services.