Trust in banks waning with Gen Z
Has recent bank turmoil made Americans more distrustful of banks?
Even with the recent collapses of Silicon Valley, Signature and First Republic Bank, the vast majority of American adults (74%) say they believe their money is safe in their bank. Just under 1 in 10 (9%) say they don’t believe their money is unsafe, with the remainder (17%) unsure, according to a recent Finder survey.
Interestingly, 52% of those who say they don’t trust their money is safe in their bank said their views on whether their money was safe in their bank account changed in the last 12 months.
Men (78%) are more likely to view their money as safe in their banks than women (70%). That eight percentage point gap is mirrored by those unsure if their money is safe, with 21% of women and 13% of men saying they don’t know.
However, there is a massive gap in how “safe” we think our funds are based on age, with young Americans being far more distrustful of banks than their elders. Just 61% of Gen Z say their money is safe in their bank, compared to 84% of Baby Boomers. Almost 1 in 5 (17%) Gen Z say they don’t believe their money is safe compared to just 3% of Boomers.
Those living in the South and West are the most distrustful, with 11% saying they don’t think their money is safe.
Those earning under $100,000 (11%) are almost twice as likely as those earning over $100,00 (6%) to say they don’t trust their money is safe.