Daily Management Review

Gallup: almost half of Americans fear for safety of their money in banks


Gallup revealed findings of a study on the nation's financial position that was carried out in the United States from April 3 to April 25.

Two significant regional banks—Silicon Valley Bank and First Republic Bank—were shut during the previous two months, and their assets were purchased by other, larger American institutions. The New York authorities closed another bank, Signature Bank, in March. Due to this, many American clients of regional banks have been rushing to transfer their funds to the nation's top financial institutions since mid-March, which has caused regional banks' rates to rise.

Consequently, Gallup’s survey of 1,013 American adults found that 29% of respondents were "worried" and 19% were "extremely worried" about keeping their money in banks.

The researchers note that the United States has not had this degree of anxiety since the 2008 financial crisis. The majority of respondents to the survey (30%), however, indicated they were "not too worried" about keeping their money in banks, while another 20% said they were not at all concerned.

source: gallup.com