Nearly half of Americans are reportedly now concerned about the security of the money they have in accounts at banks or other financial institutions amid the turmoil in the U.S. banking system.
48% of Americans overall say they are worried about their finances.
These results come from a Gallup survey that was carried out between April 3 and 25, one month after Silicon Valley Bank and Signature Bank failed.
After the poll was over, word spread that a third bank, First Republic, had failed.
The 2008 financial crisis was the most recent time Gallup measured Americans’ degree of concern about their money stored in banks or other financial institutions, and it has been related to the majority of bank failures in the United States over the preceding 20 years.
The most recent readings resemble those from 2008. The largest bankruptcy filing in American history, the fall of Lehman Brothers, occurred in September of that year, and at the time, 45% of American adults stated they were extremely or moderately concerned about the security of their money.
Republicans, independents, those of middle- and lower income, and people without a college degree are more concerned about the security of their money than their peers.
Republicans (55%) and independents (51%) are more likely than Democrats (36%), who are a minority, to say they are at least moderately concerned. Similar to how 36% of college graduates are concerned, 54% of U.S. individuals without a college degree are. In contrast to 40% of individuals with higher earnings, almost half of Americans with yearly family incomes under $100,000 worry about their finances.
About half of Americans are concerned about the safety of the money they have in banks or other financial institutions after several recent high-profile bank failures in the U.S. This is comparable to the amount of anxiety observed during the 2008 financial crisis.