AP-NORC Poll: Faith in banks low after failures
Only 10% of U.S. adults say they have significant confidence in the nation’s banks and financial institutions, a new poll finds. That is down from the 22% who said they had high confidence in banks in 2020. The poll from the Associated Press-NORC Center for Public Affairs Research poll also finds that a majority of Americans say the government is not doing enough to regulate the industry. The underwhelming assessment of America’s banks and bank regulation comes after a series of shocks, including the sudden collapse of Silicon Valley Bank this month, brought back disturbing memories of the 2008-2009 financial crisis. But Hannah Fingerhut, Associated Press polling reporter, says that despite the recent bank failures, the overall outlook on the American economy has stayed the same. “About a quarter say economic conditions are good. Three quarters say economic conditions are bad,” Fingerhut said.