About 50% of Americans worried about the safety of their money in US banks: Poll
About 50 percent of Americans in a new survey say they are worried about the safety of their money in US banks, following a string of high-profile bank collapses in the United States.
According to the Gallup poll released Thursday, 48 percent of American adults are now apprehensive about the safety of their money in banks in the United States as the banking sector has been rocked by turmoil, The Hill reported. The survey was conducted from April 3 to April 25.
Earlier this year, Silicon Valley Bank and Signature Bank collapsed sending shockwaves through the US banking system and wider economy.
The Gallup poll was carried out before First Republic Bank was captured by federal regulators and sold to JPMorgan earlier this week.
US federal regulators have taken aggressive measures but they have failed to ensure the confidence of Americans in the banking sector.
Officials moved to federally insure all deposits at the institutions, going far beyond the mandated $250,000 for each depositor, following the collapse of Silicon Valley Bank and Signature Bank.
However, the Gallup polling shows that public attitude is similar to levels ahead of the 2008 financial crisis despite the federal moves to strengthen financial backstops.
Forty-five percent of Americans were worried about the safety of their money shortly after the astonishing fall of Lehman Brothers in September 2008.
The new polling also shows that Republicans are more likely to be worried about the safety of their money than Democrats. Fifty-five percent of Republicans are either very worried or moderately worried. Just 36 percent of Democrats are worried.
Some 51 percent of independents also said they are worried about the safety of their money in US banks.
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