Banking on Safety

Gallup Poll: Nearly Half of Americans Worried About Safety of Money in Banks

A new Gallup poll shows that nearly half of Americans are now worried about the safety of their money in banks. This is the lowest reading since the Great Recession of 2007-09. However, the results are starkly divided among political affiliations and education levels.

The poll was conducted from April 3 to April 25, after the failures of Silicon Valley Bank and New York-based Signature Bank but before the collapse of First Republic Bank. The poll revealed that investor concerns about banks’ health continued into Thursday, as shares in several other midsize banks tanked over fears of further depositor flight.

Among Democrats, just 36% expressed concern about the safety of their funds, compared with 55% for Republicans and 51% for Independents. The results were even more stark among individuals with a college degree, with just 9% of that group expressing concern, compared to 54% of individuals without a college degree.

Furthermore, the poll found that wealthier respondents were less concerned than less well-off ones, with just 40% of households earning $100,000 or more in annual income saying they were “very worried” or “moderately worried,” compared to 52% of households earning $40,000 to $99,999, and 50% of households earning less than $40,000.

According to Gallup, the expression of concern seems to be related to trust in government overall, noting that in September 2008, when President George W. Bush was in office, more Democrats were worried about the safety of their funds than Republicans. The poll also found that less well-educated and less well-off Americans were expressing more concern, despite deposits of up to $250,000 being guaranteed by the Federal Deposit Insurance Corp.

Overall, the Gallup poll suggests that Americans’ concerns over the safety of their money in banks are on the rise, with political affiliation and education level playing a significant role in shaping their views.