A gloomy poll by Gallup revealed that almost half of Americans are concerned about the safety of their money deposited in banks.

The April poll conducted in the United States included more than a thousand respondents, and it unveiled that 48% of Americans were worried about their money in banks, with 20% indicating that they are “very worried”. 30% indicated that they were “not too worried”, while 20% are presumable not worried at all.

In light of context, the poll was conducted after the collapse of Silicon Valley Bank (SVB) and Signature Bank, but prior to the First Republic Bank failure which occurred in late April.

The poll results are indeed gloomy, with Gallup stating: “The latest readings are similar to those in 2008. In September of that year, shortly after the collapse of Lehman Brothers, which remains the largest bankruptcy filing in U.S. history.”

Banks in the United States are at risk of failure, but the degree of risk remains to be subjective. Multiple reports from financial institutions and research firms indicate the possibility of insolvency for multiple U.S. banks, and such concerns may only grow should the Federal Reserve be succumbed to further interest rate hikes.

Sources:

https://cointelegraph.com/news/concern-over-banking-crisis-reaches-levels-unseen-since-2008-poll

https://www.cnn.com/2023/05/04/economy/gallup-survey-americans-money-in-bank/index.html

https://news.gallup.com/poll/505439/half-worry-money-safety-banks.aspx