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Boomers Distrust Most Financial Institutions

By Danielle Andrus

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Very few Americans have faith in financial institutions, according to a recent Harris Poll. How few? Between 2 percent and 5 percent of survey respondents said statements made by credit card companies, mortgage companies, regulatory agencies or health insurers were “completely believable.”

On the other hand, accounting firms, banks and investment firms have managed to secure at least some trust from Americans. Sixty-two percent of respondents said they found accounting firms somewhat believable; 57 percent have the same level of trust in banks, and 52 percent in investment firms.

Boomers are leading other generations in distrust in almost every category. Credit card companies drew the greatest ire – nearly 70 percent of boomers said they were “not at all believable.” Fifty-nine percent felt the same about government regulators, compared with 64 percent of respondents 65 or older.

An even half of boomers said they didn’t believe investment firms at all. Forty-five percent don’t trust banks, and just over one-third have given up on accounting firms.