Americans Confidence in Banks Remains at Historic Low
By Dennis Jacobe, Gallup Chief Economist
As the Senate considers financial reform legislation, a new Gallup poll shows that Americans’ confidence in banks has not returned on Main Street as it has on Wall Street. The percentage of Americans saying they have a “great deal” or “quite a lot” of confidence in U.S. banks is now 20% — not much different from the 18% of a year ago or the 22% of last summer. Four in 10 Americans currently say they have “very little” confidence in U.S. financial institutions.
Gallup has measured banking confidence in various surveys dating to the late 1970s. Since the 2008-2009 financial crisis, Americans’ confidence has reached new lows, falling below the readings near 30% during the 1990-91 recession that reflected the fallout associated with the savings and loan debacle of the late 1980s.
Most Still Have Confidence in Their Main Bank
While most Americans profess comparatively little confidence in the banking industry, the majority continue to express confidence in their main or primary bank, where they do most of their banking business. As was the case last April, 58% say they have a great deal (31%) or quite a lot (27%) of confidence in their main bank. Only about 1 in 10 Americans express “very little” confidence in their primary bank.
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