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The Future. According to a recent poll, 48% of Americans don’t think their money is safe in a bank. For context, 45% of polled Americans felt this way right before the 2008 financial crisis. If confidence in US banks continues to erode, the country could be in for another crash. Buckle up.
Cash reservations
Gallup conducted the poll back in April following the collapse of Silicon Valley Bank (but before First Republic Bank went down).
- 19% of those were “very worried” about the safety of their funds, while 29% were “moderately worried.”
- Meanwhile, 30% of Americans said they were “not too worried,” and 20% were “not worried at all.”
- Americans with college degrees were generally less concerned than those withoutthem.
- Overall, Conservatives were more worried than Liberals, a reversal from the results of the 2008 poll.
Nobody panic
The Federal Reserve doesn’t share this anxiety (not publicly, at least). Jerome Powell called the US banking system “sound and resilient” during a press conference on Wednesday. But that’s no surprise since perceptions about the economy eventually become the state of the economy.
Don’t worry… or else your worries might come true.
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