Americans’ Banking Fears Worst Since 2008 Financial Crisis

Missvain, CC BY 4.0 <https://creativecommons.org/licenses/by/4.0>, via Wikimedia Commons

By Casey Harper (The Center Square)

Americans are worried about the safety of their money in the banking system after multiple banks have collapsed in recent weeks, according to a new poll.

Gallup released the survey data, which showed that 19% are “very” worried about the safety of their money in banks and another 29% are “moderately” worried.

That means about half of Americans are concerned about the safety of their personal funds in banks, numbers that are reminiscent of the 2008 financial crisis.

“The latest readings are similar to those in 2008,” Gallup said. “In September of that year, shortly after the collapse of Lehman Brothers, which remains the largest bankruptcy filing in U.S. history, 45% of U.S. adults said they were very or moderately worried about the safety of their money. Several months later, in December, after Congress’ Troubled Assets Relief Program (TARP) bailed out other banks in danger of failing, Americans were slightly less concerned about the safety of their personal financial accounts, as 41% said they were very or moderately worried.”

The poll was conducted April 3-25, after Silicon Valley Bank and Signature Bank collapsed but before news broke about the failure of First Republic, which regulators took over and sold to JP Morgan earlier this week.

The concern varies by demographic and political affiliation.

“Whereas majorities of Republicans (55%) and independents (51%) say they are at least moderately worried, a 36% minority of Democrats are,” Gallup said. “Similarly, 54% of U.S. adults with no college degree are very or moderately worried, while 36% of college graduates are. About half of Americans with an annual household income under $100,000 express worry about their money, while 40% of those with higher incomes do.”

Syndicated with permission from The Center Square.

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