Global Courant 2023-05-05 01:37:15
Recent events could erode confidence in the US financial system, according to the findings of a Gallup survey.
Nearly half of the 1,013 adults surveyed said they were “very concerned” (19%) or “moderately concerned” (29%) about the safety of the money they stashed away in a bank or other financial institution, Gallup said. About 20% said they were not worried at all. Nearly a third said they were ‘not too concerned’.
The level of concern expressed in the poll is similar to the findings found by Gallup shortly after the collapse of Lehman Brothers in September 2008. However, this is not a survey Gallup regularly conducts, so it’s hard to say what the attitude is changed after a while. Yet a December 2008 reading had shown that sentiment had already improved from that worst level as steps were taken to mitigate the impact of the financial crisis.
When the poll was conducted from April 3 to April 25 this year, Signature Bank and Silicon Valley Bank had already failed. Since then, regulators have taken possession of First Republic and sold its assets to JPMorgan Chase. On Thursday, a number of regional bank stocks, based in Los Angeles, fell Pac West craters over 46%. That share is now down 86% this year.
The Federal Deposit Insurance Corp. – founded in 1933, during the depths of the Great Depression – supports deposits of up to $250,000 per depositor. For those with accounts above the insured limit, there are several steps that can be taken to protect more than 250,000.
According to Gallup, those who identify as Republican or independent, as well as those on middle and lower incomes, were more concerned about their money. The same was true for Americans without a college degree, it said.
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