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FACT BRIEF

Are nearly half of all Americans worried about having their money in banks?

By Erin Gretzinger
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YES

According to an April Gallup poll, 48% of U.S. adults are concerned about having their money in banks or other U.S. financial institutions, including 19% who are “very” worried and 29% who are “moderately” worried. Conversely, 30% are “not too worried” and 20% are “not worried at all.”

These results are similar to Gallup's last poll on the topic in 2008. That September, shortly after the largest bank collapse in U.S. history, 45% of Americans reported being very or moderately concerned about the safety of their money in banks or other financial institutions. 

The 2023 Gallup poll was conducted in the aftermath of the Silicon Valley Bank and Signature Bank closures, which have reignited concerns about government bailouts for banks that are "too big to fail." A New York Times analysis found the inflation-adjusted assets of the three banks that failed in 2023 exceeded the 25 banks that collapsed in 2008. 

This fact brief is responsive to conversations such as this one.
Sources
Gallup About Half in U.S. Worry About Their Money's Safety in Banks
Congressional Research Service Silicon Valley Bank and Signature Bank Failures
New York Times 3 Failed Banks This Year Were Bigger Than 25 That Crumbled in 2008
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Wisconsin Watch
Wisconsin Watch, the news arm of the nonpartisan, nonprofit Wisconsin Center for Investigative Journalism, increases the quality and quantity of investigative reporting in Wisconsin, while training current and future investigative journalists. Its work fosters an informed citizenry and strengthens democracy.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.