GREENSBORO, N.C. — The bank run that caused the failure of the Silicon Valley bank makes many Americans nervous and uneasy about their bank's ability to stay afloat. While those impacted by the Silicon Valley bank closing were mostly tech startups, the stress, and uneasiness are reaching many people.
We, as humans, tend to fear loss. If one bank, in this case, Silicon Valley Bank, can’t cover their customers' deposits, people start to wonder if the same situation will happen at their bank. This line of thinking can cause other bank runs. It’s the psychology of fear that drives this behavior. Even though there may not be signs that the situation may occur at their banks, people tend to ignore those signs because of fear.
To help minimize worry, then it’s crucial to educate yourself about your concerns. You can call your bank and find out how they’re equipped to safeguard your money. Find out how their situation is different than Silicon Valley. Getting the facts can help you separate the emotions.
When managing your stress about finances, realize that your stress seeps into other areas of your life. For example, your financial worries can impact your interaction with your spouse if you have different spending and saving styles. You might withdraw from spending time with family and friends. Stress can lead to undereating or overeating. When you identify ways financial stress impacts your life, it’s important to find ways to manage it, so it’s not as disruptive.
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