Almost half of the adults in a new survey say they are growing more anxious about the safety of their money in banks, showing how a string of high-profile bank failures has affected Americans.
As turbulence has rocked the banking sector, 48 percent of U.S. adults are now worried about the safety of their money in banks in the country, according to the Gallup poll released Thursday. At the same time, 50 percent of respondents said they are not too worried or not worried at all about the safety of their money.
The survey, conducted April 3-25, comes after the fall of Silicon Valley Bank and Signature Bank earlier this year sent shockwaves through the U.S. banking system and the wider economy. The poll was conducted before First Republic Bank was seized by federal regulators and sold to JPMorgan earlier this week, marking yet another financial institution going under.
More from The Hill: First Republic Bank collapse spurs fears for banking system, broader economy
But federal regulators have taken aggressive measures to try to ensure confidence in the banking sector. When Silicon Valley Bank and Signature Bank folded earlier this year, officials moved to federally insure all deposits at the institutions, going far beyond the mandated $250,000 for each depositor.
Despite the moves to strengthen financial backstops, the Gallup polling shows public attitude is similar to levels from right before the 2008 financial crisis. In September 2008, shortly after the astonishing fall of Lehman Brothers, 45 percent of respondents were worried about the safety of their money.
The new polling also shows an ideological divergence between those who are worried and those who aren’t. Republicans are more likely to be worried about the safety of their money, with 55 percent of them being very worried or moderately worried. Just 36 percent of Democrats are worried.
A 51 percent majority of independents responded as worried as well.
The Gallup poll included responses from 1,013 adults and had a margin of error of 4 percentage points.