Gallup: Record-High Percentage of Americans Lack Confidence in Banks

A recent Gallup poll conducted over the telephone shows that a record-high 36% of Americans have "very little" or "no" confidence in U.S. banks. This is a 6% increase from last year; it marks the third consecutive year that more Americans say they have little or no confidence in banks, as compared with those who say they have "a great deal" or "quite a lot."

Historically, this has not been the case: "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." Even "as recently as June 2007, before the recession began...more Americans had confidence in U.S. banks than had little or no confidence." Gallup has been measuring Americans' confidence in banks since 1979.Although confidence in banks is down in all regions since 2007, it has increased in the Midwest (+7%) and West (+6%) since last year. According to Gallup, "These improvements may be at least in part a result of the strengthening of the manufacturing sector, as it has been of particular benefit to the economy and companies in these regions."

Confidence in U.S. banks clearly remains low; Gallup writes that this poll's results indicate "that the banking industry, banking regulators, and other policymakers need to do more to improve the confidence Americans have in banking institutions."

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