Consumer Payment Card News

Credibility Gap

A new survey reveals that 58% of Americans would not believe a statement by someone who works for a top financial institution and insurance company. Only 25% of U.S. consumers say banks are honest and trustworthy while 14% say the same of accounting firms and 13% say both life insurance companies and financial planning firms are honest and trustworthy. According to the Harris Poll conducted in mid-May, only 12% say health insurance companies are honest and trustworthy, while 7% say the same about investment firms, mortgage companies (6%), Wall Street (4%) and credit card companies (4%). The poll discovered that 64% of “Gen Xers” (those aged 33-44) and 61% of “Baby Boomers” (those aged 45-63) say they do not consider financial services firms to be honest and trustworthy compared to 52% of “Echo Boomers” (those aged 18-32) and 53% of “Matures” (those aged 64 and older). Additionally, 30% of “Echo Boomers” say banks are honest and trustworthy compared to just 18% of “Gen Xers.”

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