The latest banking turmoil following the collapse of Silicon Valley Bank has significantly affected the American public’s confidence in the nation’s banks and other financial institutions, according to a new poll.
The poll from the Associated Press-NORC Center for Public Affairs Research found that just 10 percent of U.S. adults say they have high confidence in the nation’s banks and financial institutions, down from 22 percent in 2020.
A total of 57 percent of those polled said they have “only some” confidence in the nation’s banking institutions, while 30 percent have “hardly any.”
The nationwide poll of 1,081 adults was conducted March 16–20, 2023, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. It has a margin of sampling error of plus or minus 4 percentage points….