Almost one-in-six American adults decided to move at least some of their money as a direct result of recent regional banking failures, with 10% moving “all” of their money, according to a new poll.
A security guard at Silicon Valley Bank monitors a line of people outside the office on March 13,The poll of nearly 2,200 U.S. adults carried out Thursday and Friday found 16% moved some or all of their money, though most transferred their assets to regional, local or digital banks.
Some 73% of those who moved money are men, while 58% are members of the Millennial generation and almost half reported owning cryptocurrency—all numbers far higher than the makeup of the general U.S. population. Despite a sizable chunk of Americans deciding to shift where their money is held, almost nothing changed about the share of primary banking providers across demographics.
Around 41% of Americans primarily use national banks, according to the poll, while 15% rely on regional banks, 15% on community banks and 7% on digital banks—exactly the same numbers recorded before the banking failures. Credit unions were the only institutions recording a boost in primary usage, rising from 22% to 23%, within the poll’s two-point margin of error.The Federal Deposit Insurance Corp. insures up to $250,000 in each bank account in the event of a bank failure.
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