Friday, July 8, 2011

Record-High Americans Lack Confidence in Banks, June 25 2011

Dennis Jacobe
PRINCETON, NJ — Thirty-six percent of Americans have “very little” or “no” confidence in U.S. banks — up from 30% last year and the highest on record. For the third consecutive year, more Americans express little or no confidence in banks than say they have “a great deal” or “quite a lot.”

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Gallup has tracked the percentage of Americans saying they have a great deal or quite a lot of confidence in U.S. banks since 1979. Prior to 2009, the percentage of Americans expressing very little or no confidence in U.S. banks was generally far less than the percentage expressing a great deal or quite a lot of confidence. As recently as June 2007, before the recession began — and even in June 2008, just prior to the financial crisis later that year — more Americans had confidence in U.S. banks than had little or no confidence.

The 23% of Americans with a great deal or quite a lot of confidence in banks in 2011 is unchanged from last year and essentially the same as the 22% of 2009. All three annual measures are not only far below the pre-recession level of 41% found in June 2007, but also represent a new low in Gallup’s annual Confidence in Institutions poll.

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