Roll up, roll up, folks! Put on your reading glasses, grab that cup of coffee, and let’s have a chat about an issue that’s been making headlines recently. We’re talkin’ about the quite unexpected closure of three big-shot U.S. banks, and how it’s affecting the confidence of our fellow compatriots. It’s been a shaky month, hasn’t it?
But, Mold me a money muffin – you’re gonna like this one. Hot off the press is a poll by Morning Consult, a reputable research firm. They were just as curious as we are to see how this financial shake-up has affected the American John Doe’s trust in the banking system. And, drumrolls, please, the results are in!
## Today’s Special: A Slice of Survey Data
Let’s set the stage here. Despite the unsettling closure of Silicon Valley Bank, Silvergate, and Signature Bank, most of our dear citizens are retaining their faith in their chosen bank. How about that?
– Stronger than Hercules’ biceps, the confidence stays: The data shows 70% of respondents believe U.S. banks will “do what is right.” A bump up from 66%, and this is post-closures. Now, ain’t that interesting!
– Old-school banks vs. new-age digital banks: Not everyone is aboard the digital train, it seems. Credit unions still seem to hold the lion’s share of trust, clocking in at 69%. This, compared to the mere forty-four percent for digital banks.
– Money on demand: About a third of the respondents are super confident they could withdraw their funds whenever they fancy. A meager 5% were not confident at all – hey, there’s always one in the crowd, right?
– Age before beauty, or so they say: Older adults and those resting comfortably in the six-figure salary bracket seem to trust their banks more than the rest.
Among all banking options, regional banks are wearin’ the crown of trust, followed closely by the national and community banks, then credit unions. Sorry, digital banks, ya gotta step your game up!
## A Spoonful of Wisdom
Hold your horses now! Remember the saying, ‘a coin has two sides?’ Despite high overall trust levels, a fifth of our adult respondents have made the move to withdraw their cash, stashing it somewhere ‘safer.’ Honestly, under the mattress is a cliché, folks! Additionally, 15% hitched a ride with another bank or credit union.
Doesn’t this play right into the hands of big names like Bank of America, which reportedly enjoyed a happy influx of deposits after these unfortunate failures?
But hey, jumping ship isn’t unusual. Morning Consult’s data reveals that 8%-10% of Americans usually open or close bank accounts each month. However, those clutching their cryptocurrency wallets seem to be the ones mainly retreating from traditional financial institutions. Now, wasn’t that a plot-twist!
As Ms. Charlotte Principato, a financial services analyst at Morning Consult, pointed out, the number of folks moving their money specifically due to Silicon Valley Bank’s crash isn’t massive. However, it’s worth noting, the overall number of adults pulling their bucks out of banks is, as they say, “no small potatoes.”
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Oh, don’t stop now, mate. There’s more!
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**MORE FROM YOUR FAVORITE FINANCE GURU, MONEY:**
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That’s all for now, folks! Stay tuned for more juicy finance stories.