NewTradingView.com – Investing and Stock News
Investing and Stock News
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Stock

Nearly half of Americans are worried about the safety of their money in banks

by May 5, 2023
written by May 5, 2023

Nearly half of Americans are now worried about the safety of their money in banks, according to a new Gallup poll.

But the results are starkly divided between Democrats and non-Democrats — and even more among Americans with college degrees and those without.

Still, the 48% overall figure represents the lowest reading since the Great Recession of 2007-09.

The findings also come in the wake of the largest bank failures since then. In March, Silicon Valley Bank and New York-based Signature Bank were seized by regulators after depositors began pulling their funds from them en masse amid concerns about the banks’ health in response to rising interest rates. That set off a slow-motion panic that eventually brought down First Republic Bank last weekend.

The Gallup poll was conducted April 3 to April 25 — after the failures of SVB and Signature but before the collapse of First Republic. Investor concerns about banks’ health continued into Thursday, as shares in several other midsize banks tanked over fears of further depositor flight.

While Wall Street may be driving some of the current negative sentiment, demographic data in the Gallup poll suggests other forces may also be at work. Among Democrats, just 36% express any concern about the safety of their funds compared with 55% for Republicans and 51% for Independents.

The results are even more stark by education: Among individuals with a college degree, a combined 36% express any level of concern. Just 9% of that group say they are “very worried.” That’s the lowest rate of respondents who say so among any of the demographic categories measured by Gallup.

That compares with 54% of individuals without a college degree expressing any type of concern about their money — with 24% saying they are “very” concerned, the most among any of the groups.

And wealthier respondents are less concerned than less-well-off ones: Just 40% of households with $100,000 or more in annual income say they are ‘very worried’ or ‘moderately worried,’ compared with 52% of households earning $40,000 to $99,999. Households earning less than $40,000 polling at 50%.

Gallup says 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 views by party were nearly the reverse of those today,” Gallup notes.

What’s more, after the government bailout of big banks in 2008 and Barack Obama’s presidential election win against John McCain, “Democrats’ and independents’ levels of worry dropped, while Republicans’ rose eight percentage points,” Gallup writes.

Finally, Gallup notes the paradox that less well-educated and less well-off Americans are expressing more concern, given that deposits of up to $250,000 are guaranteed by the Federal Deposit Insurance Corp.

‘Worry among these groups may be higher because they do not know about FDIC insurance,’ Gallup said, ‘or it may be linked to their displeasure with the current presidential administration and the U.S. economic situation.’

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
How a U.S. debt default would affect American households
next post
Vermont launches impeachment investigations into Franklin County prosecutor, sheriff

You may also like

A short government shutdown wouldn’t crash the economy,...

October 3, 2023

Trial of former FTX head Sam Bankman-Fried set...

October 3, 2023

Trial of former FTX head Sam Bankman-Fried set...

October 3, 2023

Trial of former FTX head Sam Bankman-Fried set...

October 2, 2023

Delta CEO says carrier went ‘too far’ in...

October 1, 2023

CVS responds quickly after pharmacists frustrated with their...

October 1, 2023

Labor movements are gaining momentum in the U.S....

October 1, 2023

UAW reveals newest strike locations at GM and...

September 30, 2023

A government shutdown could really stress out the...

September 29, 2023

Mortgage demand shrinks as interest rates hit the...

September 29, 2023
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Popular Posts

  • 1

    Schiff calls DeSantis ‘cowardly’ for emulating Trump in appeal to GOP base

  • 2

    S&P ASX 200 pops after the RBA decision: is it a buy?

  • 3

    Nikkei 225 technical analysis points to a drop to ¥27,000

  • 4

    Yes Bank share price crossed key support level: Buy the dip?

  • 5

    HSBC share price has nosedived: Is it safe to buy the dip?

Recent Posts

  • NSA announces new artificial intelligence security center: ‘Desperately needed’

    October 3, 2023
  • Hunter Biden expected to plead not guilty to federal gun charges in court

    October 3, 2023
  • GOP lawmakers rip Hunter Biden’s cozy relationship with CCP-linked businessman: ‘Damning evidence’

    October 3, 2023
  • Ukraine is officially America’s new forever war. President Biden, how does this end?

    October 3, 2023
  • A short government shutdown wouldn’t crash the economy, but a long one holds risks

    October 3, 2023

Categories

  • Economy (1,939)
  • Editor's Pick (2,035)
  • Investing (679)
  • Stock (382)
  • About Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy
  • Contacts

Disclaimer: NewTradingView.com, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 NewTradingView.com All Rights Reserved.


Back To Top
  • Investing
  • Stock
  • Economy
  • Editor’s Pick