Despite Market Turmoil, Americans Still Trust Their Banks

October 20, 2008

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.

For press inquiries or for more information on this article contact Nielsen
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