![]() In the wake of news focused on bank closures and mergers, nearly 50% of Americans say they are concerned about the money they have in the banks they usually do business with, according to a new survey. That survey, conducted by the Gallup polling organization, divided the worried response between the 29% who said they were moderately worried, and 19% who indicated they were very worried. What might be described as a nervous response is the highest recorded by the Gallup organization since the fall of 2008 at the beginning of the Great Recession when the global financial services giant Lehman Brothers declared bankruptcy. The Gallup survey also found that just under 50% of those with incomes below the $100,000 mark were classified as being worried about their savings, compared with only 40% of those in the $100,000 and above category. Those without a college degree also expressed more anxiety about bank safety, with a combined 54% saying they were either very worried or moderately worried, while among those with college degrees, 36% indicated the same level of worry. A Gallup narrative accompanying the survey suggests that even though the Federal Deposit Insurance Corporation, which was created in 1933, insures deposits of up to $250,000 against a bank failure, worries among those with lower incomes “may be higher because they do not know about FDIC insurance, or it may be linked to their displeasure with the current presidential administration and the U.S. economic situation.” That there may also be a partisan response to bank stability concerns is seen in a separate Gallup question showing that 55% of those calling themselves Republicans said they were moderately to very worried about the safety of their money, while only 36% of self-identified Democrats said the same thing. The Gallup survey was conducted just days after the collapse of the Signature Bank and Silicon Valley bank in April. By Garry Boulard
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