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Americans Do Worry About Bank Safety After All
The percentage of Americans with more than $250,000 in their bank accounts may be vanishingly small, but half the country is concerned about the safety of their money.
That's according to a new Gallup poll which certainly seemed to suggest that recent events have shaken confidence in some of the nation's financial institutions.
A popular narrative says everyday people aren't worried about banks because most people's deposits are fully insured and besides, voters are too busy fretting over the
Sorry in advance for being snide, but I think Americans weighing in on things they know nothing about or have expertise in is symptomatic of this dystopia in which we find ourselves. (And probably should be treated as an exogenous variable for modeling and polling purposes). I’m beginning to miss the days of parents and other adults telling us all to shut up and mind our own business. Instead, eveyone’s got a voice or a say, and everyone’s business is up for review and critique. My aging ears now perk up whenever I hear anyone affirmatively state that they have no idea or never heard of something in response to a query. I find that admission a lot easier to work with than faux expertise and awareness. And I trust poll results a lot more if they have a “Don’t Know/Understand” catch all even if people are loathe to admit it.
These results do surprise me as I was obviously just commenting how I don’t think the average person cares or knows. It would be interesting to also ask if they’ve actually moved money or changed the way they bank as a result of the bank turmoil, but I agree with your sentiment that it’s hard to glean much from polls when responses are so skewed by partisan affiliation and people just not admitting they don’t know.
Even FRC saw almost no loss of insured deposits, so most Americans aren’t translating their Gallup-polled concern into action.