The number of Americans lacking trust in their banks has reached an all time high according to poll results recently released by Gallup.
According to the poll results, 36 percent of Americans have either “very little” or “no” confidence in their banks, which is an increase of 6 percent from last year and the highest rate recorded by Gallup on record. In comparison, 23 percent of Americans had either a great deal of confidence or quite a lot of confidence in their banks—unchanged from last year and just one percent higher than what was recorded in 2009.
According to Gallup, which has tracking customer satisfaction with banks since 1979, the percentage of Americans expressing very little or no confidence in their banks has generally always been very low. Prior to the economic recession and as recently as June 2008 more Americans had confidence in U.S. banks than had little or no confidence.
Confidence Falls In All Regions in the United States:
The amount of confidence American consumers had in their banks also depended greatly on the region of the country they resided in. According to Gallup’s poll, American consumers living in the Midwest have more confidence in U.S. banks than the rest of the country, with 27% of banking customers in that region stating they either had a great deal of confidence or quite a lot of confidence in their banking institutions.
In comparison, just 20% of those living on in the Eastern region of the United States said they either had a great deal or quite a lot of confidence in their banks. Here’s how it broke down by region between 2007 until now:
|June 2007||June 2008||June 2009||July 2010||June 2011|
Gallup’s final assessment of this situation? Without a well-functioning financial system there can be no consumer confidence in banks.
For those of you lacking faith in your own bank make sure to check out MyBankTracker.com’s bank reviews section to help you find a bank that can help meet all of your banking needs.