--- title: Is Your Money Safe in the Bank? Shockingly, Republicans and Democrats Disagree description: Political affiliation and level of education could determine how confident you are your money is safe in banks, according to a new poll. authors: - name: Brenden Rearick role: Reporter url: https://money.com/author/brenden-rearick/ bio: Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends. education: University of Pittsburgh, BA at_money_since: 2023 articles: 133 covers: - Banking - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes - Technology former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-05-04T16:50:55.000Z' modified: '2024-01-10T13:50:48.000Z' section: Banking tags: - News word_count: 467 canonical: https://money.com/money-safe-bank-politics-education/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Man looking at his bank paper in front of an ATM](https://img.money.com/2023/05/News-is-money-bank-safe-2.jpg) Your concern about the state of banks right now may depend on whether you're a Democrat or a Republican. A [Gallup poll](https://news.gallup.com/poll/505439/half-worry-money-safety-banks.aspx#:~:text=%2D%2D%20Amid%20turbulence%20in%20the,who%20are%20%E2%80%9Cmoderately%E2%80%9D%20worried) published Thursday shows roughly half of Americans are concerned about the safety of their money in [banks](https://money.com/best-national-banks/). Interestingly enough, it also finds correlations between how worried people are about banks with their political affiliation, level of education and income. ## What the data says Gallup’s new report shows that, in the wake of multiple [bank failures](https://money.com/after-bank-failures-fdic-limit-increase/), 48% of Americans are concerned about the safety of their money. The survey, conducted in April across a panel of 1,013 respondents, found some curious trends broken down along different demographics: ### Political affiliation - 55% of Republicans and 51% of independents are at least moderately concerned about their money’s safety in the bank. - Only 36% of Democrats share the same worries. - In 2008, the middle year of the Great Recession, 55% of Democrats voiced concern over trust in banks, compared to just 34% of Republicans, making for a complete role reversal. - It’s worth noting that in 2008, Republicans controlled the White House, whereas Democrats do now. ### Education level Likewise, education level has a noticeable correlation to whether you’re concerned about your money: - 54% of Americans without a college degree hold at least moderate concern over their money's safety in banks. - Only 38% of Americans *with* college degrees share the same worry. ## Why it matters These results come just days after the official closure of [First Republic Bank](https://money.com/bank-failures-explained-questions-answers/), the fourth regional U.S. bank to collapse in 2023. Notably, the survey marks a significant decline in Americans’ trust in banks. In a [March survey](https://money.com/americans-still-trust-banks-despite-collapses/), 70% of Americans still trusted their banks to “do what is right” to protect their funds, despite the fact that the month saw arguably the worst of the [bank collapses](https://money.com/after-bank-failures-fdic-limit-increase/). In just a handful of weeks, that trust seems to be waning. The data additionally shows that Americans hold misconceptions about whether their money is truly in danger. Half of Americans with a yearly income of less than $40,000, and 52% with income between $40,000 and $99,999 showed at least moderate concern for their money, compared to just 40% of Americans earning over $100,000. Yet lower income Americans are those who are presumably the [*most safe*](https://money.com/dollar-scholar-money-safe-in-bank/), since the Federal Deposit Insurance Corporation insures accounts for up to $250,000. Ultimately, the survey results indicate that Americans may not fully grasp the FDIC and how it works to protect individuals’ funds. Moreover, the report suggests that ideology is steering Americans toward worrying or not worrying about their funds, based on their relative satisfaction with the presidency. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/money-safe-bank-politics-education/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Banking", "item": "https://money.com/banking/" }, { "@type": "ListItem", "position": 3, "name": "Bank Accounts", "item": "https://money.com/bank-accounts/" }, { "@type": "ListItem", "position": 4, "name": "Is Your Money Safe in the Bank? Shockingly, Republicans and Democrats Disagree" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/money-safe-bank-politics-education/#webpage", "url": "https://money.com/money-safe-bank-politics-education/", "name": "Is Your Money Safe in the Bank? Shockingly, Republicans and Democrats Disagree", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-05-04T16:50:55.000Z", "mainEntity": { "@id": "https://money.com/money-safe-bank-politics-education/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/money-safe-bank-politics-education/#breadcrumb" }, "dateModified": "2024-01-10T13:50:48.000Z" }, { "@type": "NewsArticle", "headline": "Is Your Money Safe in the Bank? Shockingly, Republicans and Democrats Disagree", "articleSection": "Banking", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/05/News-is-money-bank-safe-2.jpg", "width": 2880, "height": 1920, "caption": "News-is-money-bank-safe" } ], "author": [ { "@type": "Person", "name": "Brenden Rearick", "url": "https://money.com/author/brenden-rearick/", "@id": "https://money.com/author/brenden-rearick/#author", "description": "Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends.\r\n\r\n", "email": "brenden.rearick@money.com", "alumniOf": "University of Pittsburgh, BA" } ], "publisher": "https://money.com/#organization", "datePublished": "2023-05-04T16:50:55.000Z", "description": "Political affiliation and level of education could determine how confident you are your money is safe in banks, according to a new poll.", "abstract": "Political affiliation and level of education could determine how confident you are your money is safe in banks, according to a new poll.", "@id": "https://money.com/money-safe-bank-politics-education/", "inLanguage": "en-US", "dateModified": "2024-01-10T13:50:48.000Z", "editor": [ { "@type": "Person", "name": "Brad Tuttle", "url": "https://money.com/author/brad-tuttle/", "@id": "https://money.com/author/brad-tuttle/#author", "description": "Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.\r\n\r\n", "image": "https://img.money.com/2014/01/Brad-Tuttle.png?w=226&h=247&crop=1", "alumniOf": "Columbia University School of Journalism, MS", "sameAs": [ "https://twitter.com/bradrtuttle", "https://linkedin.com/in/brad-tuttle-834b225" ] } ], "wordCount": 467, "keywords": [ "News" ], "about": [ { "@type": "Thing", "name": "Bank", "sameAs": [ "https://en.wikipedia.org/wiki/Bank" ] }, { "@type": "Thing", "name": "Bank account", "sameAs": [ "https://en.wikipedia.org/wiki/Bank_account" ] } ] } ] } ```