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posted: 7/29/2012 10:12 AM

Fewer than 1 in 4 Americans trust big banks

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  • Confidence in large banks is eroding, according to a survey.

      Confidence in large banks is eroding, according to a survey.
    Associated Press

 
Associated Press

A survey finds fewer than 1 in 4 Americans trust the financial system and that confidence in large banks is eroding.

The latest quarterly survey issued Tuesday by the Chicago Booth/Kellogg School says the 21 percent of respondents who said they trust the system is the lowest level since the school's March 2009 poll.

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The results come nearly four years after the onset of the financial crisis that triggered the worst recession since the 1930s. The percentage of people who trust banks that operate across the U.S. fell to 23 percent from 25 percent in March. Trust in small community banks, on the other hand, rose to 55 percent from 51 percent, while confidence in credit unions rose to 63 percent from 58 percent.

The survey was conducted in June.

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