Nearly half of Americans are concerned about the safety of their money in banks, survey finds

People queue up outside the headquarters of Silicon Valley Bank to withdraw their funds in March.

Liu Guanguan/China News Service/VCG via Getty Images

• Nearly half of US adults are worried about the safety of their money in banks, per a Gallup survey.
• Comparatively, 30% of adults said they were "not too worried."
• The poll followed the collapse of SVB and Signature Bank but predated the failure of First Republic.

Almost half of Americans are worried about keeping their money in the bank, a Gallup survey has found.

Gallup's poll was conducted from April 3 to April 25, following the collapse of Silicon Valley Bank and Signature Bank but predated the failure of First Republic last week.  

The survey found that 48% of adults were concerned about their money being in banks. Of those, 19% said they were "very" worried and 29% said they were "moderately" concerned about their funds.

Comparatively, 30% of adults said they were "not too worried" and 20% said they were "not worried at all." The level of concern was generally lower among upper-income adults, democrats, and college graduates. 

The majority of Republicans surveyed — 55% — said they were at minimum moderately worried about the safety of their funds. A comparatively low 36% of Democrats said the same.

The divide between college and non-college-educated adults was similar. More than half of those without a college degree said they were very or moderately concerned but only 36% of those with a college degree said they were worried. 

Banking turmoil has been unfolding in recent months but experts like Mark Zandi, the chief economist at Moody's Analytics, said it was different from the 2008-2009 financial crisis in several ways.

Last month, JPMorgan CEO Jamie Dimon acknowledged that there was turmoil but also said he didn't expect it to become a fully blown crisis.

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