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POLL: Nearly Half of Americans Worry Bank Deposits Aren’t Safe

May 9, 2023

An increasing number of Americans are feeling discouraged over their financial futures — and nearly half don’t trust that their bank deposits are safe, according to a new poll.

Last month, Gallup conducted a telephone poll of more than 1,000 U.S. adults and asked the following question: “How worried are you about the safety of money you have deposited in banks?”Nearly half (48%) indicated they were “very worried” or at least “moderately worried” that their bank deposits were unsafe, which is the highest level of fear recorded since the 2008 financial crisis. (Only 20% said they were not worried at all.)The elevated levels of fear over the U.S. banking system are not unfounded, given this year’s massive bank failures. (i.e. Silicon Valley Bank, Signature Bank, and First Republic Bank)If you are concerned about the safety of your bank deposits, here are a few things to consider: 1) If you have less than $250,000 deposited in the bank, your funds are insured by the Federal Deposit Insurance Corporation (FDIC). No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933. This is because Washington has access to a printing press and has made it clear on numerous occasions, most recently in 2023, that it stands ready to do “whatever it takes” to maintain faith and trust in the U.S. banking and monetary system. However, if you have more than $250,000 on deposit in a single bank, I think it would be wise to diversify the excess capital by opening another FDIC-insured account at another insured bank.2) Remember that banks aren’t the only place to put your money. There were 564 bank failures from 2001 through 2023. (See chart) However, other types of financial institutions, like life insurance companies, are far less prone to financial collapse due to stricter capital requirements. Those with extra cash rarely think of life insurance companies instead of banks as financial storehouses.So too, hard assets like raw land and gold can preserve your wealth without the typical risks associated with banks. (Of course, they come with their own set of risks.) In conclusion, there is no doubt that the U.S. economy is facing gargantuan long-term problems(If you don’t believe me, read my book Bankruptcy of our Nation.)However, I don’t think this means that you should fear the imminent collapse of FDIC insurance. I predict Washington will covertly inflate away the U.S. dollar’s value long before it is forced to overtly destroy faith in its own fiat empireInstead, I believe the current economic problems facing America should spur you on to take personal responsibility for your own financesInstead of living in fear about the state of the U.S. economy, I’ve been teaching our members, for over a decade, to take actionIn other words: Create a financial planGive, save, and investCreate multiple streams of income 

 

Until next time,

P.S. Get started with our Five Levels of Financial Freedom. Our Five Levels are designed to help you achieve financial freedom with a methodical, step-by-step process. Check it out here

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