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Friday, June 14, 2013 6:18 PM

Do You Trust Banks? Country by County Comparison

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Here is an interesting Gallup poll that came my way today from a friend "BC". The poll was taken last month. It shows European Countries Lead World in Distrust of Banks.

Thirteen percent of Greeks said they had confidence in their country's banks or financial institutions in 2012, leading the nearly all-European list of countries where trust in financial institutions was among the worst in the world last year. Seven European Union countries had trust levels lower than 30%, far below the median 55% across 135 countries. Even in the EU's largest funder of the eurozone bailouts, Germany, fewer than four in 10 (38%) expressed confidence in their country's financial institutions.
European Bank Confidence

Global Bank Confidence

Note the misplaced trust in Asian, African, and even Canadian banks.

The wording of the question as listed was confusing: "In [country] do you have confidence in each of the following or not? How about financial institutions or banks?"

The question should have been more along the lines of "Do you have confidence in your country's banks and financial institutions?"

US Bank Confidence

A Gallup Poll out today shows Americans' Confidence in Banks Up for First Time in Years
Americans' confidence in U.S. banks increased to 26% in June, up from the record low of 21% a year ago. The percentage of Americans saying they have "a great deal" or "quite a lot" of confidence in U.S. banks is now at its highest point since June 2008, but remains well below its pre-recession level of 41%, measured in June 2007. Between 2007 and 2012, confidence in banks fell by half -- 20 percentage points.
US Bank Confidence

The question for the above poll was slightly different than the global poll: "Please tell me how much confidence you, yourself, have in banks - a great deal, quite a lot, some, or very little."

Although up from a rock bottom 21%, the current 26% is certainly nothing to brag about.

Two Questions for European Readers

  1. Why keep any money in banks other than the absolute bare minimum needed to pay bills?
  2. How many Cyprus-like confiscations does it take to convince you that leaving money in banks is a bad idea?

Mike "Mish" Shedlock

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