The Bank is Closin’ 🙈

We’ve all heard of the Great Recession before, but who would have thought the banking crisis hit us so fast? As the pandemic continues to spread and put people’s finances in upheaval, Google Trends data has revealed a drastic surge in searches for terms such as “banking crisis” and “bank runs”.

Bank Runs are Back in Style

We all remember back to the ’30s with the Great Depression and the images of people frantically running to banks to retrieve all of their money before it disappeared, giving rise to the term ‘bank run’. Well, fast forward almost a century, and folks are once again having similar queries related to the seemingly inevitable banking crisis of our times. Yikes.

The Buck Don’t Stop Here

It’s not too surprising to hear then that ‘bank runs’ has seen an incredible surge in terms of searches, with some areas reaching levels five times as high as before. Since March, the searches for ‘bank run’ have increased by 286% in the United States and Canada, with many people struggling to protect their money from a potential banking collapse.

What You Can Do For Yourself

With the risk of a banking crisis looming over our heads, we can all take measures to protect ourselves and our financial investments. Here are a few steps you can take to protect your finances from a banking crisis:

  • Do your research – Understand the current economic and financial situation, so you can make informed decisions.

  • Create a Plan – Make sure you have an emergency money plan in place, so you can access cash in an emergency.

  • Think Long Term – Consider investing in safe investments that won’t be affected by a banking crisis.

  • Stay Informed – Keep abreast of the latest news so you can quickly respond to any changes in the market.

Finding the Silver Lining

In the midst of all the doom and gloom, it’s important to remember that the banking crisis of our time won’t last forever. So, take it as an opportunity to learn about your finances and come out stronger than ever. After all, knowledge is power, and if you make informed decisions, then you can weather the storm.

Good luck, everyone – stay safe, keep informed, and cross your fingers for the best! 🤗