Gallup: Half of adults anxious about cash after financial institution collapses

About half of these responding to a ballot are anxious in regards to the safety of their cash in banks after the failure of a number of high-profile establishments, Gallup reported Thursday.

The polling firm accomplished the survey after Silicon Valley Bank and Signature Bank collapsed in March however earlier than First Republic collapsed on Monday.

It discovered that 48% of adults stated they’re involved about their cash, together with 19% who’re “very” and 29% who’re “moderately” anxious. Another 30% stated they’re “not too worried,” and 20% are “not worried at all.”

Gallup attributed the findings to “turbulence in the U.S. banking system” not seen for the reason that 2008 monetary disaster when the Bush administration initiated bailouts of a number of failed banks.

“The latest readings are similar to those in 2008,” Gallup stated, noting that 45% of adults had been anxious about their cash that September after Lehman Brothers collapsed within the largest chapter submitting within the nation’s historical past.

That was the final time Gallup requested folks how they felt in regards to the security of their cash in banks.

According to the polling firm, low-income adults and people affiliated with the social gathering not controlling the White House — Democrats in 2008 and Republicans in 2023 — expressed the very best anxiousness ranges in regards to the security of their cash.

In 2008, Gallup posed the query a second time three months later — in December after the election of Barack Obama — and located that fear ranges had pale for Democrats whereas rising for Republicans.

The pollster famous that many adults could overlook that the Federal Deposit Insurance Corp., a authorities company, ensures $250,000 of insurance coverage per depositor at every insured financial institution for each deposit class.

“When banks fail, it is also unclear whether Americans’ heightened concern about their own deposits reflects a lack of awareness of the protections for small accounts provided by federal deposit insurance or their fear of a snowball effect that could bring down federal insurance as well,” Gallup stated.