With the recent collapse of two U.S. banks, Silicon Valley Bank and Signature Bank, we surveyed American consumers to get their perspectives on the U.S. banking system.
Overall, most U.S. adults (55%) still say that they are confident in the U.S. banking system. Confidence is highest among Baby Boomers (63%) and men (60%). Confidence was lowest among women (51%), Gen Z (50%), and Millennials (50%).
- The majority of U.S. adults (55%) remain confident in the U.S. banking system.
- Those they have following the collapse of Silicon Valley Bank and Signature bank most closely also have higher confidence in the U.S. banking system.
- Confidence in the U.S. banking system has declined across all demographics over the past three months but nearly all U.S. adults still have confidence in their primary bank.
- The majority of U.S. adults (66%) are considering taking no action as a result of the recent issues with the US banking system.
While U.S. adults overall remain confident in the U.S. banking system, 51% of U.S. adults said that their confidence has declined over the past 3 months.
59% of Baby Boomers said that their confidence has declined over the past 3 months while only 39% of Gen Z said that their confidence declined.
Interestingly, the groups that have the highest level of confidence in the banking system (Men and Baby Boomers) are also the same groups that followed the collapse of the Silicon Valley Bank and Signature Bank most closely. 96% of Baby Boomers and 85% of Men said that they had heard ‘A lot’ or ‘A little’ about the two banks. Gen Z had heard the least about the collapse of the two banks with 45% saying that they had heard ‘Nothing at all’.
Younger generations said that they are the most likely to consider taking action due to recent banking issues.
With 47% of Gen Z considering some sort of action and 44% of Millennials. The most popular action among Gen Z and Millennials was to withdraw money from their bank/credit union. Meanwhile, only 4% Baby Boomers were considering switching their bank/credit union which was significantly lower than 10% for U.S. adults overall.
Finally, we asked American consumers about their confidence in the primary bank’s ability to keep their money safe and secure. Resoundingly they said that they were confident in their banks, with Baby Boomers being the highest at 93%.