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Confidence in banks remains low

A June 26 Gallup Poll report revealed that just 26 percent of Americans have a “great deal” or “quite a lot” of confidence in banks, far below a pre-recession level of 41 percent -- however it is up some from lows in the midst of the recession. Although a different question, that’s a sharp contrast to the more than 90 percent of credit union members who report being satisfied with their credit union.

The report also had a note that small business was among the institutions earning the highest public confidence this year, at 62 percent, while big business remained near the bottom of the list at 21 percent.

Gallup says that few Americans have expressed confidence in big business since they began asking about it in 1973, with the percentage who have a great deal or quite a lot of confidence never exceeding 35 percent. Meanwhile, confidence in small business has consistently been more than 55 percent.

That’s good food for thought as credit unions continue to push forward on their shared vision and emphasize the local, main street values credit unions represent. Click here for more Gallup data.