Only 10% of U.S. adults say they have high confidence in the nation’s banks and other financial institutions, a new poll finds.
FILE - A law enforcement official, behind, stands in an entryway to a Silicon Valley Bank branch location, March 13, 2023, as customers and bystanders line up outside the bank, in Wellesley, Mass. A new poll finds that only 10% of U.S. adults say they have high confidence in the nations banks and other financial institutions. That's down from the 22% who said they had high confidence in banks in 2020.
Silicon Valley Bank, the nation’s 16th-biggest, failed March 10 after making risky bets in the bond market. Two days later, regulators closed New York-based Signature Bank, which had gotten involved in cryptocurrencies. Across the Atlantic Ocean, long-troubled Credit Suisse was acquired by rival UBS on Sunday in a shotgun marriage designed to restore confidence in global financial institutions.
U.S. Marine Corps veteran Philip Metscher, 53, a stay-at-home father of seven in Sacramento, California, said he has little faith in bankers or the government agencies that are supposed to regulate them.The poll finds that in addition to the 10% of Americans saying that they have high confidence in the nation’s banking institutions, 57% do have some confidence; 31% have hardly any.
With a Democrat in the White House, Republicans are more likely than Democrats to say their finances will get worse over the next year; 38% of Democrats say they expect their finances to improve, versus 22% of Republicans. “You never know what’s going on. It’s paycheck to paycheck,’’ said Metscher in Sacramento. “I’m looking at food prices, gas prices. It reminds me of being a kid growing up’’ during the high-inflation 1970s.
In response to surging consumer prices, the Federal Reserve has raised its benchmark interest rate nine times over the past year, including by a quarter-point on Wednesday. But the rate hikes are putting a strain on banks. In fact, Silicon Valley Bank ran into trouble as higher rates pushed down the value of its investments in bonds.
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