Despite Market Turmoil, Americans Still Trust Their Banks

Despite Market Turmoil, Americans Still Trust Their Banks

The global economic crisis reached a boiling point in October, but Americans are staying calm and cool, according to the results of a consumer sentiment study by Nielsen Claritas.

Of 3,000 people surveyed by Nielsen in early October, 84% reported being just as confident — or more so — in their primary financial institution as they were six months ago.  Ninety-five percent of those surveyed said they consider their financial assets at their primary bank to be relatively safe.

Although they remain confident in their personal banks, a significant percentage of the respondents said they had already been adversely affected by the current financial crisis. 

Twenty-five percent reported significant losses in their retirement savings.  Among consumers age 55 and older, that percentage was even higher: 29%. 

Another 19% told Nielsen their credit card debt had increased.  That trend was especially prevalent among younger respondents: 25% of 18-34 year olds in the study reported growing credit card debt.

Still, most respondents (88%) — especially older consumers — said they aren’t planning to change their current banking and investments relationships in the near term.

View the full press release.

Read coverage of Nielsen’s findings in USA Today.