Half in U.S. Worry About Their Money’s Safety in Banks

With turmoil brewing in the U.S. banking system, almost half of Americans are feeling apprehensive about the safety of their money in accounts held at banks or other financial institutions.

Specifically, 48% of adults in the U.S. report being worried about their funds, with 19% expressing a high level of concern, and 29% feeling moderately concerned, Gallup reported.

On the other hand, 30% of individuals report being only slightly worried, while 20% feel no worry at all.

These results are based on a Gallup survey conducted from April 3-25, following the collapse of Silicon Valley Bank and Signature Bank.

However, news of First Republic’s failure surfaced after the poll was completed.

Most bank failures in the U.S. in the last two decades have been associated with the 2008 financial crisis, which was the last time Gallup measured Americans’ apprehension about their money held in banks or other financial institutions.

The current findings are comparable to those from 2008. In September of that year, when Lehman Brothers went bankrupt, which is still the biggest bankruptcy filing in U.S. history, 45% of Americans reported being either moderately or very concerned about the safety of their money.

A few months later, in December, after the Troubled Assets Relief Program (TARP) of the Congress rescued other banks in jeopardy of collapsing, Americans’ worry about the safety of their personal financial accounts decreased slightly, with 41% expressing moderate or high levels of concern.

Written by staff