Press Releases Chicago Booth/Kellogg School Financial Trust Index reveals heightened public trust in local banks, Credit Unions
The American public鈥檚 trust in banks last month reached its highest level since the financial crisis.
- February 29, 2016
While investors鈥� trust in stocks of banks around the world has declined rapidly in the last several months, the general public鈥檚 trust in banks continues to show moderate and stable increases. According to the latest , the American public鈥檚 trust in banks last month reached its highest level since the financial crisis.
Co-authors , Donald C. Clark/HSBC Chair in Consumer Finance Professor at at Northwestern University, and Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance and the David G. Booth Faculty Fellow of the University of Chicago Booth School of Business, conducted the survey of 1,025 financial decision makers between December 22 and December 30.
鈥淪hares of European and American banks tumbled and lost more than one quarter of their value this year. Markets are scared by the eurozone economy, exposure to the energy sector and China, and problems in banks鈥� balance sheets,鈥� said Sapienza. 鈥淏ut these fears are not currently reflected in the public鈥檚 trust in banks.鈥�
鈥淭he Financial Trust Index peaked in December 2015,鈥� said Zingales. 鈥淎s in previous surveys, we see that the public's trust is highest in credit unions and in their local banks, and significantly lower in the national banks.鈥�
Unlike the public鈥檚 trust in banks, which has improved steadily over the last three years, the public鈥檚 trust in large corporations has not changed and remains significantly lower.
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