As the Biden economy continue to ravage the U.S., a new Gallup poll found nearly half of Americans are worried about the safety of their money in U.S. banks. But should they be?
"This is one of those things in life that is a needless worry for most people" said Greg McBride, senior analyst with Bankrate.com, "Those that have to worry, are those with uninsured deposits. For 99% of the population, the problem is not having too much money in the bank, it's not having enough."
There have been 3 bank failures so far here in 2023, but the majority of people are protected.
"The vast majority of the 4,000 plus banks we have in this country, are well positioned and well prepared for rising interest rates, and are not at any risk of failure" McBride told KTRH, "And as long as you are within the protection federal deposit insurance, you don't have those worries about the safety of your money."
The study also found that the level of economic and financial worry right now in the U.S., is similar to the 2008 financial crisis.