Saturday 20 January 2018

Only 11pc of us still trust banks

Donal O'Donovan

Donal O'Donovan

Irish people have less trust in the banking sector than anyone else, and are becoming even more sceptical.

Financial services companies and banks have been ranked as the least-trusted sector for a third year running in a global survey by public relations company Edelman.

In contrast, technology companies are most trusted. Globally, half of all people survey said banks cannot be trusted.

Here, though, just 11pc of people trust banks to do the right thing in a given situation. That's down from 35pc as recently as 2008.

It makes Irish people the most negative toward banks of 26 countries surveyed.

That's little surprise after banking failures left taxpayers here to pick up a €64bn tab that threatened to bankrupt the State.

But it is bad news for a sector that needs public trust if it is to sustain a long-term model based on managing other people's money.

Over 30,000 people participated in the research.

Here, 36pc of people surveyed regard business leaders as credible. That compares to 25pc who have faith in political leaders.

Worryingly, neither business nor political leaders muster anything close to a 50pc "credibility rating".

Irish Independent

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