“Only One-Quarter of Americans Say Banks are Honest and Trustworthy”

Jul 6th, 2009 • Posted in: Research Report

“Just 4% say Wall Street is honest and trustworthy,” Harris finds

From Harris Interactive:

“Over the past few months, Americans have watched as financial institutions have received government bailouts, or been shut down and have had to close their doors due to the economic crisis. It is perhaps not surprising then that almost three in five Americans (58%) say they do not consider any of nine financial institutions and insurance companies to be honest and trustworthy, that is, they would not believe a statement by someone who works for one of these companies…. More specifically:

• “When it comes to which ones of these industries are honest and trustworthy, one-quarter of Americans (25%) say banks are honest and trustworthy while 14% say the same of accounting firms….
• “Just over one in ten Americans say health insurance companies (12%) are honest and trustworthy, while less than one in ten say the same about investment firms (7%), mortgage companies (6%), Wall Street (4%) and credit card companies (4%)….
• “Three in ten Echo Boomers (30%) say banks are honest and trustworthy compared to just 18% of Gen Xers….

“So What?

“The Obama Administration is trying to do everything in its power to shore up the economic situation and respond to the crisis. One problem is that the industries which will actually be working with the consumer to lend money or refinance mortgages are in dire straits with Americans. There is a serious lack of trust that has developed and until this trust is rebuilt, these financial industries will be looked at with at the very least skepticism, but also scorn. It may take years to see a rebuilding of at least some trust here….”

For the full press release from Harris, June 30, click here.

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2 Responses »

1. Ethics Newsline® » Statline » Financial Sector Facing Crisis of Trust with U.S. Public on July 6th, 2009 at 7:05 pm:

   [...] more information, see this week’s Research Report.  Print This Story  Email This [...]

2. Ethics Newsline® » News » Super-Computers Rack Up Big Profits on Wall Street: Report on July 27th, 2009 at 7:22 pm:

   [...] more information, see:  Related Newsline story, July 6 –  Related Newsline Commentary, June 15 –  Related Newsline story, June [...]

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