Americans are increasingly concerned about the safety of their money in the banking system.
After the high-profile collapses of Silicon Valley Bank and Signature Bank, Gallup asked Americans how worried they were about the security of their money. 48% said they were either very worried or moderately worried.
Now, the last time Gallup asked this question was during the 2008 financial crisis. At that time, 45% of adults signaled concern. That’s three points lower than the new poll results. Notably, the polling window closed before news broke about First Republic’s failure.
On Monday, President Biden tried to reassure Americans his administration has the banking crisis under control.
But the Gallup poll shows that quite a few Americans do not share his confidence. 54% of Republicans and 51% of independents voters say they are worried, compared to 36% of Democrats.