In light of a series of well-publicized bank failures in the United States, approximately fifty percent of respondents to a new survey indicate that they are concerned about the security of their money in US banks.
According to The Hill, the banking industry in the United States has been rocked by turmoil, and as a result, 48% of adult Americans are now concerned about the safety of their money in banks; The study was led from April 3 to April 25.
The collapses of Silicon Valley Bank and Signature Bank earlier this year shocked the US banking system and economy as a whole.
While President Joe Biden was consoling the nation that under his leadership, US Treasury Secretary Janet Yellen and her chief economic adviser, Lael Brainard, we’re working with financial regulators to ensure that households and businesses affected by failures at Silicon Valley Bank and Signature Bank could access their accounts deposits and he promised to hold them accountable.
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Before First Republic Bank was taken over by federal regulators and sold to JPMorgan earlier this week, the Gallup poll was conducted.
Despite the aggressive measures taken by federal regulators in the United States, Americans’ confidence in the banking sector has not been maintained.
Following the failures of Silicon Valley Bank and Signature Bank, authorities made the decision to insure all of the financial institutions’ deposits at the federal level, going far beyond the required $250,000 for each depositor.
Despite the federal government’s efforts to strengthen financial backstops, Gallup polling indicates that public sentiment remains similar to levels prior to the 2008 financial crisis.
Soon after the shocking collapse of Lehman Brothers in September 2008, 45 percent of Americans were concerned about the safety of their money.
Additionally, the most recent polling indicates that Republicans are more likely than Democrats to be concerned about the security of their funds. Five hundred and fifty percent of Republicans are either moderately or extremely concerned. Only 36% of Democrats are concerned.
Additionally, 51% of independents expressed concern regarding the security of their money in US banks.
