Nearly half of Americans are worried about their money in banks

Washington, May 5 (Prensa Latina) Faced with the wave of bankruptcies in recent months, nearly half of Americans say they are deeply concerned about the safety of the money they keep in banks, according to a Gallup poll.

May 5, 2023
14:06

Gallup said most Republicans (55%) and independents (51%) say they are at least “moderately” worried about their money in the bank, but just 36% of Democrats said so.

The latest Gallup poll was conducted between April 3 and April 25, following the March 10 failure of Silicon Valley Bank, but prior to this week’s failure of First Republic Bank.

Silicon Valley Bank was taken over by regulators on March 10, while Signature Bank, which frequently did business with cryptocurrency firms, was shut down on March 12.

SVB and SB collapses were the second- and third-largest bank failures in U.S. history, following the collapse of Lehman Brothers and Washington Mutual in 2008 during the 2008 financial crisis, the last time Gallup measured the indicator of concern among the nation’s citizens.

pll/ymr/dfm